# EDGAR Filing Document

**Accession Number:** 0001791032
**File Stem:** 0001049169-26-000908
**Filing Date:** 2026-4
**Character Count:** 357641
**Document Hash:** 619dda1c795395ce50fa2cdfad9d6c64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000908.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001049169-26-000908

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axonic Funds
- **CENTRAL INDEX KEY:** 0001791032

**ORGANIZATION NAME:**
- **EIN:** 846741378
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23483
- **FILM NUMBER:** 26829095

**BUSINESS ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-259-0475

**MAIL ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Axonic Strategic Income Fund (Series ID: S000067475)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000216959 | Class A Shares |  |
| C000216960 | Class I Shares |  |

## Nport-Ex

AXONIC STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCKS (0.00%)** |  |  |
| **Financials (0.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 44220 | $242325 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $482,271)** |  | **242325** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Rate** | **Shares** | **Value** |
| **PREFERRED STOCKS (0.21%)** |  |  |  |
| **Financials (0.21%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp., Series D<sup>(a)</sup> | 7.88% | 83247 | 1835596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Trust, Series F | 6.25% | 99092 | 2216688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp., Series D<sup>(a)(b)</sup> | 7.00% | 78637 | 1939975 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc., Series C<sup>(a)</sup> | 6.25% | 120705 | 2210109 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $9,278,660)** |  |  | **8202368** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (23.29%)** | **ASSET-BACKED SECURITIES (23.29%)** | **ASSET-BACKED SECURITIES (23.29%)** | **ASSET-BACKED SECURITIES (23.29%)** | **ASSET-BACKED SECURITIES (23.29%)** |
| **Automobile (0.52%)** | **Automobile (0.52%)** | **Automobile (0.52%)** | **Automobile (0.52%)** | **Automobile (0.52%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Chase Auto Credit Linked Notes, Series 2025-1, Class G<sup>(c)</sup> | 10.42% | 04/25/29 | $926310 | $938815 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2023-A, Class E<sup>(c)</sup> | 10.59% | 02/16/27 | 5000000 | 5511500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-3, Class E<sup>(c)</sup> | 7.95% | 10/15/29 | 1000000 | 607100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LP, Series 2021-2A, Class D<sup>(c)</sup> | 4.34% | 12/25/26 | 5000000 | 4940500 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Bank NA - Chase Auto Credit Linked Notes, Series 2021-2, Class G<sup>(c)</sup> | 8.48% | 12/26/28 | 22432 | 22448 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2025-1, Class D<sup>(c)</sup> | 5.96% | 01/10/28 | 8500000 | 8555250 |
| **Home Equity (7.08%)** | **Home Equity (7.08%)** | **Home Equity (7.08%)** | **Home Equity (7.08%)** | **Home Equity (7.08%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE2, Class A<sup>(b)(c)</sup> | 5.47% | 08/25/55 | 9075733 | 9174437 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE2, Class B<sup>(b)(c)</sup> | 5.67% | 08/25/55 | 4237641 | 4276936 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE3, Class A<sup>(b)(c)</sup> | 5.20% | 11/25/55 | 19499542 | 19539825 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE3, Class B<sup>(b)(c)</sup> | 5.45% | 11/25/55 | 3392920 | 3399870 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE3, Class C<sup>(b)(c)</sup> | 5.80% | 11/25/55 | 10353282 | 10374347 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE3, Class D<sup>(b)(c)</sup> | 6.64% | 11/25/55 | 4491000 | 4532543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2025-CES1, Class A1B<sup>(c)(d)</sup> | 5.38% | 10/25/55 | 8910543 | 8943074 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2026-CES1, Class A3<sup>(c)(d)</sup> | 5.42% | 05/25/56 | 5000000 | 5004345 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Asset Securitization Corp. Trust, Series 2007-NC1, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 04/25/37 | 4112273 | 2661054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Point Securitization Trust, Series 2025-1, Class A1<sup>(c)</sup> | 6.25% | 05/25/28 | 5622119 | 5656187 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2026-CES1, Class A1B<sup>(c)(d)</sup> | 4.93% | 01/25/30 | 3125000 | 3127017 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2025-CES1, Class A1<sup>(c)(d)</sup> | 5.41% | 08/25/29 | 13472720 | 13590433 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2025-CES1, Class A2<sup>(c)(d)</sup> | 5.64% | 08/25/29 | 2000000 | 2025632 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2025-CES1, Class A3<sup>(c)(d)</sup> | 5.99% | 08/25/29 | 2250000 | 2289479 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2025-CES1, Class M1<sup>(c)(d)</sup> | 6.24% | 08/25/29 | 2000000 | 2027547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class A1<sup>(b)(c)</sup> | 3.50% | 02/25/52 | 2055819 | 2040746 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-FIG6, Class M2<sup>(b)(c)</sup> | 5.58% | 01/25/56 | $| 9327266 | $| 9343508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-FIG6, Class M1<sup>(b)(c)</sup> | 5.48% | 01/25/56 |  | 4537961 |  | 4553050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-FIG6, Class A1<sup>(b)(c)</sup> | 5.18% | 01/25/56 |  | 19636350 |  | 19701967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class M1<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.20% | 10/25/55 |  | 12192000 |  | 12191940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class A1B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.80% | 10/25/55 |  | 13042000 |  | 13085079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class A1A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.60% | 10/25/55 |  | 13255848 |  | 13315478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class M2<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 10/25/55 |  | 9565000 |  | 9580468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soundview Home Loan Trust, Series 2007-OPT4, Class 1A1<sup>(b)</sup> | 1M CME TERM SOFR + 1.11% | 09/25/37 |  | 5288299 |  | 3987681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2025-FIX1, Class A1<sup>(c)(d)</sup> | 4.97% | 09/25/65 |  | 6522359 |  | 6531343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2025-FIX2, Class M2A<sup>(b)(c)</sup> | 5.90% | 10/25/65 |  | 5400000 |  | 5450559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2025-FIX2, Class A1<sup>(c)(d)</sup> | 5.25% | 10/25/65 |  | 13743519 |  | 13850023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2025-FIX2, Class A2<sup>(c)(d)</sup> | 5.45% | 10/25/65 |  | 4941000 |  | 4987625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2025-FIX2, Class M1<sup>(c)(d)</sup> | 5.55% | 10/25/65 |  | 7500000 |  | 7558131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2026-FIX1, Class A2<sup>(c)(d)</sup> | 5.30% | 12/25/65 |  | 5000000 |  | 5007589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2026-FIX1, Class M1<sup>(c)(d)</sup> | 5.45% | 12/25/65 |  | 6000000 |  | 6009119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unlock HEA Trust, Series 2025-1, Class A<sup>(c)</sup> | 6.75% | 04/25/33 |  | 3838584 |  | 3865378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2025-CES3, Class A2<sup>(c)(d)</sup> | 5.45% | 10/25/29 |  | 7500000 |  | 7552864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2025-CES3, Class A3<sup>(c)(d)</sup> | 5.60% | 10/25/29 |  | 6816000 |  | 6863766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2025-CES3, Class A1<sup>(c)(d)</sup> | 5.30% | 10/25/29 |  | 23101182 |  | 23192265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2025-CES3, Class M1<sup>(c)(d)</sup> | 5.95% | 10/25/29 |  | 2490500 |  | 2516985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES2, Class M1<sup>(b)(c)</sup> | 6.36% | 09/25/28 |  | 1506000 |  | 1517701 |
| **Other (9.45%)** | **Other (9.45%)** | **Other (9.45%)** | **Other (9.45%)** | **Other (9.45%)** | **Other (9.45%)** | **Other (9.45%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;AASET 2020-1 Trust, Series 2020-1A, Class C<sup>(c)</sup> | 6.41% | 01/16/40 |  | 1218302 |  | 1177124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Achieve Personal Loan Master Pass-Through Trust Series 2023-PT1, Series 2023-1, Class PT<sup>(b)(c)</sup> | 0.00% | 09/15/53 |  | 211708 |  | 139706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X1, Class D<sup>(c)</sup> | 7.29% | 05/15/29 |  | 1500000 |  | 1501350 |
| &nbsp;&nbsp;&nbsp;&nbsp;AIM Aviation Finance, Ltd., Series 2015-1A, Class A1<sup>(c)(d)</sup> | 6.21% | 02/15/40 |  | 15871077 |  | 15721889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluepeak ABS Issuer LLC, Series 2025-1A, Class A2<sup>(c)</sup> | 5.86% | 12/20/30 |  | 10000000 |  | 10172000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-1 LLC, Series 2024-1A, Class B<sup>(c)</sup> | 6.92% | 05/15/30 |  | 6535349 |  | 6764739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-1 LLC, Series 2024-1A, Class C<sup>(c)</sup> | 9.13% | 05/15/30 |  | 1026067 |  | 1046588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-2 LLC, Series 2024-2A, Class B<sup>(c)</sup> | 5.75% | 09/15/30 |  | 6264344 |  | 6273114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-2 LLC, Series 2024-2A, Class C<sup>(c)</sup> | 7.97% | 09/15/30 |  | 2036420 |  | 2042937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Securitization Trust, Series 2018-1, Class B<sup>(c)</sup> | 5.30% | 06/15/43 |  | 4334216 |  | 4270069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2017-1R, Class C<sup>(c)</sup> | 6.50% | 08/15/41 |  | 11967348 |  | 11681328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2019-1A, Class A<sup>(c)</sup> | 3.97% | 04/15/26 |  | 2691666 |  | 2679284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2019-1A, Class B | 5.10% | 04/15/26 |  | 2422091 |  | 2325450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust 2025-2, Series 2025-2A, Class B<sup>(c)</sup> | 6.30% | 08/15/32 |  | 7203536 |  | 7284215 |
| &nbsp;&nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables , Series 2024-1, Class C<sup>(c)</sup> | 8.40% | 02/15/27 |  | 4544921 |  | 4592642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-4A, Class A2<sup>(c)</sup> | 5.52% | 12/20/30 |  | 10000000 |  | 10115000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-4A, Class C<sup>(c)</sup> | 8.10% | 12/20/30 |  | 5000000 |  | 5164000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Falcon Aerospace, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.79% | 09/15/26 |  | 417120 |  | 409070 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1, Class B2<sup>(c)</sup> | 8.00% | 07/25/51 | $1930000 | $386000 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class A2<sup>(c)(d)</sup> | 7.00% | 07/25/51 | 23570880 | 22392336 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class B2<sup>(c)(d)</sup> | 8.00% | 07/25/51 | 8808000 | 4580160 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2022-1A, Class A2<sup>(c)</sup> | 7.00% | 07/25/26 | 2400000 | 2280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Royalty LLC, Series 2021-1A, Class A2<sup>(c)</sup> | 5.75% | 07/25/26 | 3840000 | 3648000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer 2021-1, Series 2021-1A, Class B<sup>(c)</sup> | 3.72% | 11/25/26 | 7934000 | 7762626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer LLC, Series 2025-2A, Class A2<sup>(c)</sup> | 6.46% | 10/25/60 | 12511000 | 12613590 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-4FP, Class D<sup>(c)</sup> | 7.40% | 12/18/29 | 1280728 | 1286363 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAIA Aviation, Ltd., Series 2019-1, Class B<sup>(c)(d)</sup> | 5.19% | 12/15/26 | 15159106 | 15012063 |
| &nbsp;&nbsp;&nbsp;&nbsp;GRADE, Series 2026-HB1, Class M2<sup>(c)</sup> | 5.82% | 04/25/56 | 5140000 | 5140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;GRADE, Series 2026-HB1, Class A1B<sup>(c)</sup> | 5.22% | 04/25/56 | 6000000 | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;GRADE, Series 2026-HB1, Class M3<sup>(c)</sup> | 6.12% | 04/25/56 | 4500000 | 4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance I, Ltd., Series 2018-1, Class A<sup>(c)</sup> | 4.46% | 12/15/38 | 2051827 | 2048134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance II, Ltd., Series 2019-1, Class A<sup>(c)</sup> | 3.72% | 07/15/26 | 528658 | 522473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance III, Ltd., Series 2019-2, Class A<sup>(c)</sup> | 3.43% | 11/15/26 | 2958601 | 2885524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lendingpoint Asset Securitization Trust, Series 2021-B, Class D<sup>(c)</sup> | 6.12% | 02/15/29 | 3000000 | 785400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class C<sup>(c)</sup> | 5.68% | 09/15/28 | 3980760 | 3897960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust 2024-1, Series 2024-1A, Class C<sup>(c)</sup> | 6.34% | 10/15/27 | 5300000 | 5370490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust 2024-1, Series 2024-1A, Class D<sup>(c)</sup> | 6.93% | 10/15/28 | 3750000 | 3865500 |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Funding LLC, Series 2024-1A, Class A2<sup>(c)</sup> | 8.10% | 04/30/27 | 10216975 | 10293602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navigator Aviation, Ltd., Series 2024-1, Class B<sup>(c)</sup> | 6.09% | 08/15/31 | 1797619 | 1840043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust, Series 2024-6, Class C<sup>(c)</sup> | 7.07% | 06/15/26 | 5137067 | 5170972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class C<sup>(c)</sup> | 6.03% | 01/15/32 | 1907852 | 1912812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class D<sup>(c)</sup> | 6.53% | 01/15/32 | 9642319 | 9704994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-R2, Class E<sup>(c)</sup> | 9.34% | 10/15/32 | 7379918 | 7308333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2024-7, Class C<sup>(c)</sup> | 7.10% | 12/15/31 | 7916177 | 7977923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B<sup>(c)</sup> | 7.11% | 07/15/31 | 2455929 | 2469437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class ABC<sup>(b)(c)</sup> | 7.30% | 07/15/31 | 2888814 | 2900080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class C<sup>(c)</sup> | 7.57% | 08/15/31 | 5977577 | 5984750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class ABC<sup>(b)(c)</sup> | 6.77% | 08/15/31 | 1269231 | 1269993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class C<sup>(c)</sup> | 7.30% | 03/15/26 | 11924017 | 11960981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-4, Class B<sup>(c)</sup> | 5.69% | 01/17/33 | 9999645 | 10090641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Trust, Series 2025-R1, Class B<sup>(c)</sup> | 5.71% | 06/15/32 | 4250000 | 4282300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phantom Aviation, Series 2026-1, Class B<sup>(c)</sup> | 6.03% | 01/15/33 | 2500000 | 2500750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class A<sup>(c)</sup> | 3.97% | 06/15/26 | 3863815 | 3841405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 06/15/26 | 446541 | 444978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class C<sup>(c)</sup> | 6.90% | 06/15/26 | 1718095 | 1702117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class A<sup>(c)</sup> | 3.97% | 07/15/26 | 143194 | 142550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 07/15/26 | 6973548 | 6777591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust Series 2024-1, Series 2024-1A, Class C<sup>(c)</sup> | 6.96% | 10/15/26 | 9525000 | 9553575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenton Aircraft Investment I, Ltd., Series 2015-1A, Class A<sup>(c)</sup> | 4.75% | 11/15/27 | 3867988 | 3806487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprite, Ltd., Series 2021-1, Class B<sup>(c)</sup> | 5.10% | 10/15/28 | 839294 | 827628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Start, Ltd., Series 2018-1, Class C<sup>(c)</sup> | 6.90% | 05/15/43 | 11459622 | 11427535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellar Jay Ireland DAC, Series 2021-1, Class A<sup>(c)</sup> | 3.97% | 03/15/28 | 1307700 | 1292138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellar Jay Ireland DAC, Series 2021-1, Class B<sup>(c)</sup> | 5.93% | 03/15/28 | 1284468 | 1273935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak 2021-1 ABS, Series 2021-1A, Class C<sup>(c)</sup> | 5.93% | 05/15/28 | 8211773 | 7800363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak 2021-1 ABS, Series 2021-1A, Class AA<sup>(c)</sup> | 2.30% | 12/15/27 | 1109204 | 1083137 |
| &nbsp;&nbsp;&nbsp;&nbsp;TGIF Funding LLC, Series 2017-1A, Class A2<sup>(c)</sup> | 6.20% | 04/30/47 | 4817489 | 4091494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunderbolt III Aircraft Lease, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.75% | 11/15/26 | 3240981 | 3207599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twin Hospitality I LLC, Series 2024-1A, Class A2I<sup>(c)</sup> | 9.00% | 10/25/27 | 1196321 | 1166413 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Twin Hospitality I LLC, Series 2024-1A, Class B2<sup>(c)</sup> | 10.00% | 10/25/27 | $6435000 | $5276700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twin Hospitality I LLC, Series 2024-1A, Class A2II<sup>(c)</sup> | 9.00% | 10/25/27 | 26135625 | 24828844 |
| **WL Collateral CMO (6.24%)** | **WL Collateral CMO (6.24%)** | **WL Collateral CMO (6.24%)** | **WL Collateral CMO (6.24%)** | **WL Collateral CMO (6.24%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA , Series 2024-NPL1, Class A1<sup>(c)(d)</sup> | 6.33% | 09/25/27 | 5059535 | 5101341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRET , Series 2025-NPL1, Class A1 | 6.06% | 02/25/28 | 7248994 | 7253100 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL11, Class A2<sup>(c)(d)</sup> | 7.02% | 10/25/55 | 3900000 | 3891212 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL13, Class A2<sup>(c)(d)</sup> | 6.78% | 11/25/28 | 4500000 | 4504833 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL4, Class A2<sup>(c)(d)</sup> | 8.84% | 04/25/55 | 11291000 | 11332288 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL4, Class A1<sup>(c)(d)</sup> | 6.37% | 04/25/55 | 14690190 | 14730160 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL5, Class A1<sup>(c)(d)</sup> | 6.24% | 05/25/28 | 18867277 | 18922245 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL6, Class A1<sup>(c)(d)</sup> | 5.74% | 06/25/28 | 18468384 | 18501106 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL6, Class A2<sup>(c)(d)</sup> | 8.72% | 06/25/28 | 8750000 | 8794046 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL7, Class A1<sup>(c)(d)</sup> | 5.66% | 07/25/28 | 13924676 | 13949398 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL7, Class A2<sup>(c)(d)</sup> | 8.35% | 07/25/28 | 8000000 | 8035325 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL8, Class A1<sup>(c)(d)</sup> | 5.73% | 07/25/28 | 19113887 | 19154348 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL8, Class A2<sup>(c)(d)</sup> | 7.99% | 07/25/28 | 7850000 | 7869458 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL9, Class A2<sup>(c)(d)</sup> | 7.51% | 08/25/28 | 7000000 | 7016846 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL9, Class A1<sup>(c)(d)</sup> | 5.39% | 08/25/28 | 23512472 | 23613039 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2026-NPL1, Class A2<sup>(c)(d)</sup> | 6.54% | 12/25/28 | 3000000 | 2998683 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2026-NPL1, Class A1<sup>(c)(d)</sup> | 5.18% | 12/25/28 | 10000000 | 10002924 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAMP, Series 2007-RS1, Class A4<sup>(b)</sup> | 1M CME TERM SOFR + 0.67% | 02/25/37 | 32244743 | 6977956 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCO IX Mortgage LLC, Series 2025-4, Class A1<sup>(c)(d)</sup> | 5.31% | 10/25/30 | 35099254 | 35089353 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCO VIII Mortgage LLC, Series 2025-3, Class A1<sup>(c)(d)</sup> | 6.43% | 05/25/28 | 1923656 | 1927050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2025-NPL1, Series 2024-NPL1, Class A1<sup>(c)(d)</sup> | 7.12% | 01/25/30 | 6592023 | 6568426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1<sup>(c)(d)</sup> | 7.77% | 04/25/28 | 945079 | 941854 |
| &nbsp;&nbsp;&nbsp;&nbsp;VCAT LLC, Series 2026-NPL1, Class A1<sup>(c)(d)</sup> | 5.10% | 01/25/29 | 9000000 | 8998971 |
| **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** |
| **(Cost $924,409,320)** |  |  |  | **918624790** |
| **BANK LOANS (0.98%)** | **BANK LOANS (0.98%)** | **BANK LOANS (0.98%)** | **BANK LOANS (0.98%)** | **BANK LOANS (0.98%)** |
| **Financials (0.33%)** | **Financials (0.33%)** | **Financials (0.33%)** | **Financials (0.33%)** | **Financials (0.33%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street RTL Loans<sup>(e)(f)</sup> | 10.15% | 08/21/26 | $3235832 | $3238537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HPEF Equipment Loans | 14.00% | 12/31/30 | 9780886 | 9780886 |
| &nbsp;&nbsp;&nbsp;&nbsp;UTEX-DEFEASED<sup>(f)</sup> | 6.48% | 12/31/49 | 63898 | 63885 |
| **Mortgage Securities (0.65%)** | **Mortgage Securities (0.65%)** | **Mortgage Securities (0.65%)** | **Mortgage Securities (0.65%)** | **Mortgage Securities (0.65%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper Hill Sportsmans RT | 7.15% | 02/01/27 | 6793172 | 6744177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tower Bellflower LLC | 1M CME TERM SOFR + 4.10% | 02/01/26 | 19050000 | 19053810 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |
| **(Cost $36,827,463)** |  |  |  | **38881295** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.80%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.80%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.80%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.80%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.80%)** |
| **Commercial MBS (26.73%)** | **Commercial MBS (26.73%)** | **Commercial MBS (26.73%)** | **Commercial MBS (26.73%)** | **Commercial MBS (26.73%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1345T, Series 2025-AOA, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.00% | 06/15/27 | 3250000 | 3268525 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAHA Trust, Series 2024-MAR, Class X<sup>(b)(c)(g)</sup> | 0.36% | 12/10/29 | 284500000 | 2588950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of America Re-Remic Trust, Series 2023-FRR1, Class D<sup>(c)</sup> | 0.00% | 02/27/32 | 9155000 | 5799693 |
| &nbsp;&nbsp;&nbsp;&nbsp;BANK 2019-BNK17, Series 2019-BN17, Class E<sup>(c)</sup> | 3.00% | 04/15/29 | 1849000 | 1534115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;BANK, Series 2022-BNK41, Class D<sup>(c)</sup> | 2.50% | 04/15/32 | $1500000 | $1050150 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2018-TALL, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.32% | 03/15/37 | 3312000 | 3050352 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2018-TALL, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.63% | 03/15/37 | 4760000 | 3985548 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.31% | 06/15/38 | 4200000 | 3208800 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.71% | 06/15/38 | 4089000 | 2803418 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.61% | 06/15/38 | 2389270 | 1236925 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.75% | 06/15/38 | 15300000 | 4701690 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.75% | 06/15/38 | 8500000 | 820250 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCRR , Series 2016-FRR3, Class E<sup>(b)(c)</sup> | 30D US SOFR + 18.46% | 05/26/26 | 24057599 | 23978209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCC<sup>(b)(c)</sup> | 8.10% | 01/15/30 | 8000000 | 8308800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCB<sup>(b)(c)</sup> | 7.21% | 01/15/30 | 20109991 | 20980754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCD<sup>(b)(c)</sup> | 9.19% | 01/15/30 | 7373000 | 7672344 |
| &nbsp;&nbsp;&nbsp;&nbsp;BFLD Mortgage Trust, Series 2024-WRHS, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.69% | 08/15/26 | 4634985 | 4655379 |
| &nbsp;&nbsp;&nbsp;&nbsp;BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.85% | 08/15/27 | 12028000 | 12088140 |
| &nbsp;&nbsp;&nbsp;&nbsp;BMD2 Re-Remic Trust, Series 2019-FRR1, Class 3C<sup>(c)(h)</sup> | 0.00% | 05/25/52 | 12585000 | 10480788 |
| &nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2025-5C10, Class D<sup>(c)</sup> | 4.50% | 05/15/58 | 2000000 | 1803400 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-ACNT, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.31% | 11/15/26 | 656959 | 656499 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-KING, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.69% | 05/15/26 | 8404358 | 8455625 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-KING, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.49% | 05/15/26 | 5058407 | 5075100 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class AV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.05% | 02/15/36 | 793182 | 793103 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class EV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 02/15/36 | 1581620 | 1581461 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class DV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.85% | 02/15/36 | 371681 | 371643 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class DJV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.85% | 02/15/36 | 350000 | 349965 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class GV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.25% | 02/15/36 | 379589 | 379551 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class EJV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 02/15/36 | 500000 | 499950 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.42% | 10/15/36 | 600000 | 599040 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.86% | 11/15/36 | 1859724 | 1858422 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.76% | 11/15/36 | 14894487 | 14922787 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2022-IND, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.99% | 04/15/27 | 10500000 | 10528350 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2024-CNYN, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.69% | 04/15/41 | $4320054 | $4340358 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2025-DELC, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 12/15/27 | 10000000 | 10089000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2025-DELC, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.20% | 12/15/27 | 10000000 | 10086000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2025-DELC, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.05% | 12/15/27 | 6000000 | 6035400 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2025-VOLT, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.75% | 12/15/27 | 5000000 | 5012500 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2025-VOLT, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.10% | 12/15/27 | 4758000 | 4776080 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, Series 2021-601L, Class D<sup>(b)(c)</sup> | 2.78% | 01/15/32 | 1699000 | 1384515 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 03/15/27 | 11171322 | 11200367 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.13% | 03/15/27 | 34282900 | 34396033 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.33% | 03/15/27 | 4932791 | 4948576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cali 2024-Sun, Series 2024-SUN, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.63% | 07/15/26 | 8900000 | 8956960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cali 2024-Sun, Series 2024-SUN, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.89% | 07/15/26 | 2730000 | 2734368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending, Series 2019-CF1, Class 65D<sup>(b)(c)</sup> | 4.66% | 05/15/52 | 4600000 | 29900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending, Series 2019-CF2, Class SWD<sup>(c)</sup> | 4.52% | 09/15/29 | 4988052 | 4518676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2021-FRR1, Class CK58<sup>(c)</sup> | 0.00% | 09/29/29 | 24870000 | 23487228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2020-420K, Class E<sup>(b)(c)</sup> | 3.31% | 11/10/30 | 5300000 | 4637500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class E<sup>(b)(c)</sup> | 5.85% | 10/12/40 | 9500000 | 9377450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Commercial Mortgage Trust 2020-FACT E | 9.16% | 10/15/25 | 1745000 | 1619884 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSMC, Series 2020-FACT, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.21% | 10/15/37 | 5000000 | 4817000 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSMC, Series 2019-UVIL, Class D<sup>(b)(c)</sup> | 3.28% | 12/15/29 | 1540000 | 1402786 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class D<sup>(b)(c)</sup> | 5.63% | 11/10/30 | 4500000 | 4504500 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSTL Commercial Mortgage Trust, Series 2026-GATE3, Class D<sup>(b)(c)</sup> | 5.52% | 02/10/31 | 4000000 | 4007200 |
| &nbsp;&nbsp;&nbsp;&nbsp;DC Trust, Series 2024-HLTN, Class D<sup>(b)(c)</sup> | 7.71% | 04/13/28 | 2439000 | 2461927 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTP Commercial Mortgage Trust, Series 2023-STE2, Class A<sup>(b)(c)</sup> | 6.04% | 01/15/29 | 360000 | 369864 |
| &nbsp;&nbsp;&nbsp;&nbsp;ELP Commercial Mortgage Trust, Series 2025-ELP, Class E<sup>(b)(c)</sup> | 6.67% | 11/13/30 | 10000000 | 10182000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2025-ESH, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 10/15/27 | 11400000 | 11508300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2025-ESH, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.35% | 10/15/27 | 15290000 | 15470422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2026-ESH2, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.90% | 02/15/31 | 2700000 | 2719710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2026-ESH2, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 02/15/31 | 7100000 | 7146150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn1, Series 2021-MN1, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 3.75% | 01/25/51 | 2000000 | 2055200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn7, Series 2023-MN7, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 5.70% | 04/25/33 | $2300000 | $2475950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn8, Series 2024-MN8, Class M1<sup>(b)(c)</sup> | 30D US SOFR + 2.85% | 05/25/29 | 10026797 | 10124057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn8, Series 2024-MN8, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 4.25% | 06/25/33 | 2300000 | 2412470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 3.25% | 10/25/44 | 2500000 | 2543250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2022-151, Class X3<sup>(b)(g)</sup> | 4.38% | 11/25/32 | 6840000 | 1601244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2023-153, Class X3<sup>(b)(g)</sup> | 4.68% | 01/25/33 | 19488345 | 4971477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2023-154, Class X3<sup>(b)(g)</sup> | 5.10% | 01/25/33 | 11437000 | 3200072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2024-162, Class X3<sup>(b)(g)</sup> | 5.89% | 01/25/34 | 8700000 | 3108510 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-K156, Class C<sup>(c)(h)</sup> | 0.00% | 07/25/33 | 6449682 | 3515722 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KF49, Class C<sup>(b)(c)</sup> | 30D US SOFR + 6.11% | 06/25/25 | 4000742 | 3977138 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-KL05, Class CP<sup>(b)(c)</sup> | 3.96% | 06/25/29 | 28878000 | 25103645 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2019-SB66, Class X1<sup>(b)(g)</sup> | 1.11% | 07/25/29 | 25512216 | 609574 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB74, Class X1<sup>(b)(g)</sup> | 0.00% | 03/25/30 | 18479057 | 572851 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB79, Class X1<sup>(b)(g)</sup> | 0.39% | 07/25/40 | 14000946 | 489592 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB80, Class X1<sup>(b)(g)</sup> | 0.01% | 09/25/30 | 46871235 | 2006914 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB81, Class X1<sup>(b)(g)</sup> | 0.49% | 10/25/30 | 17111455 | 633988 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB82, Class X1<sup>(b)(g)</sup> | 0.74% | 10/25/40 | 32177612 | 668033 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB83, Class X1<sup>(b)(g)</sup> | 0.75% | 01/25/41 | 20123939 | 545693 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB84, Class X1<sup>(b)(g)</sup> | 0.09% | 01/25/31 | 24295986 | 576784 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2022-SB95, Class X1<sup>(b)(g)</sup> | 0.00% | 11/25/31 | 105574726 | 1346447 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Commercial Mortgage Trust, Series 2023-4SZN, Class E<sup>(b)(c)</sup> | 10.42% | 11/10/27 | 15740000 | 16174424 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Trust, Series 2024-HULA, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.94% | 08/15/26 | 4400000 | 4422440 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Trust, Series 2024-HULA, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.44% | 08/15/26 | 5000000 | 5025000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2018-16, Class IO<sup>(b)(g)</sup> | 0.59% | 03/16/59 | 66953270 | 2423708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Wolf Trust, Series 2024-WOLF, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.89% | 03/15/29 | 7600000 | 7651680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Wolf Trust, Series 2024-WOLF, Class E | 7.30% | 03/15/39 | 24100000 | 24275930 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. II, Series 2024-70P, Class B<sup>(b)(c)</sup> | 5.89% | 03/10/29 | 1045000 | 1056077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.74% | 07/15/27 | 10000000 | 10025000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.19% | 07/15/27 | 5000000 | 5048000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.64% | 07/15/27 | 13200000 | 13325400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2016-HHV, Class F<sup>(b)(c)</sup> | 4.19% | 11/05/26 | 10000000 | 9805000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2016-HHV, Class E<sup>(b)(c)</sup> | 4.19% | 11/05/26 | 6500000 | 6426550 |
| &nbsp;&nbsp;&nbsp;&nbsp;HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.34% | 06/15/26 | 21000000 | 21153300 |
| &nbsp;&nbsp;&nbsp;&nbsp;HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.54% | 06/15/26 | 3076000 | 3089227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class B10<sup>(c)</sup> | 4.91% | 08/05/34 | $4250000 | $4225775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class A10<sup>(c)</sup> | 4.15% | 08/05/34 | 2764207 | 2751492 |
| &nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.44% | 09/15/26 | 12900000 | 12965790 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 03/15/27 | 10000000 | 10067000 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.85% | 03/15/27 | 28000000 | 28204400 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.85% | 03/15/27 | 15000000 | 15129000 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.36% | 04/15/27 | 14558762 | 14338924 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.42% | 04/15/27 | 6171036 | 6072300 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2025-BHR5, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.54% | 03/15/30 | 3040000 | 3042432 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Series 2007-LD12, Class AJ<sup>(b)</sup> | 6.35% | 02/15/51 | 2069698 | 2068249 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMCC Multifamily Housing Mortgage Loan Trust, Series 2025-Q032, Class C<sup>(b)(c)</sup> | 6.50% | 10/25/29 | 8917245 | 8762976 |
| &nbsp;&nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, Series 2024-MRCO, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 06/15/26 | 10000000 | 10042000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, Series 2024-LGND, Class D<sup>(c)(d)</sup> | 7.79% | 11/05/27 | 5401000 | 5458251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, Series 2024-LGND, Class E<sup>(c)(d)</sup> | 8.76% | 11/05/27 | 9140000 | 9235056 |
| &nbsp;&nbsp;&nbsp;&nbsp;LQR Trust, Series 2025-CALI, Class D<sup>(b)</sup> | 1M CME TERM SOFR + 3.00% | 01/15/28 | 1250000 | 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSTR Trust, Series 2026-HTL6, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.95% | 12/15/27 | 2628000 | 2628000 |
| &nbsp;&nbsp;&nbsp;&nbsp;MAC Trust, Series 2025-801B, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.70% | 10/15/27 | 20500000 | 20551250 |
| &nbsp;&nbsp;&nbsp;&nbsp;MAC Trust, Series 2025-801B, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.15% | 10/15/27 | 12200000 | 12230500 |
| &nbsp;&nbsp;&nbsp;&nbsp;MAC Trust, Series 2025-801B, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.70% | 10/15/27 | 6700000 | 6724790 |
| &nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust, Series 2025-11MD, Class D<sup>(b)(c)</sup> | 6.57% | 10/15/30 | 14469000 | 14730889 |
| &nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class E<sup>(c)</sup> | 8.73% | 06/12/27 | 25695000 | 25959659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust, Series 2024-Q025, Class B<sup>(b)</sup> | 30D US SOFR + 3.85% | 12/25/30 | 15239488 | 15327877 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRCD 2019-MARK Mortgage Trust, Series 2019-PARK, Class G<sup>(c)</sup> | 2.72% | 12/15/36 | 8944000 | 4922680 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTN Commercial Mortgage Trust, Series 2022-LPFL, Class F<sup>(b)(c)</sup> | 1M US SOFR + 5.29% | 03/15/27 | 5000000 | 5018000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities, Series 2019-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.36% | 10/25/49 | 1430272 | 1448151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities, Series 2020-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.86% | 03/25/50 | 11591854 | 11865421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2023-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 6.50% | 02/25/32 | 5000000 | 5717000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2024-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.85% | 07/25/54 | $1400000 | $1470560 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, Series 2026-1PARK, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.50% | 02/15/28 | 4000000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYC Commercial Mortgage Trust, Series 2026-1PARK, Class A<sup>(b)</sup> | 1M CME TERM SOFR + 1.25% | 02/15/28 | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ORL Trust, Series 2024-GLKS, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.29% | 12/15/29 | 1515000 | 1521363 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGA Trust, Series 2024-RSR2, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.49% | 06/15/26 | 2000000 | 2000600 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGA Trust, Series 2024-RSR2, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.39% | 06/15/26 | 4910000 | 4911473 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRM7 Trust, Series 2025-PRM7, Class D<sup>(b)(c)</sup> | 5.66% | 11/10/30 | 6020000 | 5936924 |
| &nbsp;&nbsp;&nbsp;&nbsp;RFM Reremic Trust, Series 2022-FRR1, Class CK55<sup>(c)(h)</sup> | 0.00% | 03/28/49 | 15460000 | 15172444 |
| &nbsp;&nbsp;&nbsp;&nbsp;SB Multifamily Repack Trust, Series 2020-FRR1, Class A<sup>(c)</sup> | 5.60% | 05/27/26 | 6837939 | 6782552 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCG Commercial Mortgage Trust, Series 2025-FLWR, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.75% | 08/15/27 | 2700000 | 2706750 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCG Trust, Series 2025-SNIP, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.50% | 09/15/27 | 7000000 | 7028700 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCG Trust, Series 2025-SNIP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 09/15/27 | 2300000 | 2320010 |
| &nbsp;&nbsp;&nbsp;&nbsp;SELF Commercial Mortgage Trust, Series 2024-STRG, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.44% | 11/15/26 | 623000 | 624495 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2A<sup>(b)(c)</sup> | 3.66% | 01/05/35 | 3195000 | 2770704 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B<sup>(b)(c)</sup> | 4.14% | 01/05/35 | 14945000 | 13182985 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class B<sup>(b)(c)</sup> | 4.39% | 01/05/35 | 4991000 | 4238856 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class C<sup>(b)(c)</sup> | 4.39% | 01/05/35 | 8133239 | 6616390 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class D<sup>(b)(c)</sup> | 4.39% | 01/05/35 | 8100000 | 6132510 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1<sup>(b)(c)</sup> | 3.87% | 01/05/35 | 6497500 | 5669719 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class F<sup>(c)</sup> | 2.85% | 07/15/31 | 9500000 | 7890700 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.00% | 02/15/39 | 10347152 | 10357499 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.95% | 02/15/39 | 3966713 | 3970680 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.95% | 02/15/39 | 5075617 | 5080692 |
| &nbsp;&nbsp;&nbsp;&nbsp;SREIT Trust, Series 2021-MFP2, Class G<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.08% | 11/15/36 | 3024000 | 3022186 |
| &nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class C<sup>(b)(c)</sup> | 8.53% | 12/10/26 | 4844448 | 4901612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class F | 7.19% | 12/10/26 | 9158000 | 8951945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5<sup>(b)(c)</sup> | 4.93% | 03/25/27 | 199899 | 165789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6<sup>(b)(c)</sup> | 6.79% | 10/29/29 | 932225 | 756265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-1, Class M6<sup>(b)(c)</sup> | 5.03% | 03/25/31 | 1458502 | 910443 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-2, Class M1<sup>(b)(c)</sup> | 1.82% | 09/25/28 | $| 1586784 | $| 1331264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-3, Class M6<sup>(b)(c)</sup> | 5.03% | 11/25/31 |  | 576875 |  | 449445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-1, Class M5<sup>(b)(c)</sup> | 5.84% | 06/25/32 |  | 3105063 |  | 2281900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-1, Class M6<sup>(b)(c)</sup> | 5.84% | 08/25/33 |  | 1159590 |  | 797212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-2, Class M5<sup>(b)(c)</sup> | 5.74% | 04/25/52 |  | 2907398 |  | 2334059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2023-2, Class M4<sup>(b)(c)</sup> | 10.41% | 10/25/34 |  | 3258164 |  | 3405454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2023-3, Class M4<sup>(b)(c)</sup> | 10.63% | 08/25/53 |  | 3388674 |  | 3531418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2024-2, Class M4<sup>(b)(c)</sup> | 10.72% | 04/25/54 |  | 4305540 |  | 4565364 |
| &nbsp;&nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, Series 2024-HQ, Class C<sup>(b)(c)</sup> | 7.13% | 03/15/28 |  | 8500000 |  | 8539950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-B33RP, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.00% | 08/15/27 |  | 6000000 |  | 6014400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-B33RP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.50% | 08/15/27 |  | 3600000 |  | 3621600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-B33RP, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.50% | 08/15/27 |  | 11400000 |  | 11476380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-HI, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.69% | 10/15/27 |  | 16500000 |  | 16617150 |
| **Other ABS (0.07%)** | **Other ABS (0.07%)** | **Other ABS (0.07%)** | **Other ABS (0.07%)** | **Other ABS (0.07%)** | **Other ABS (0.07%)** | **Other ABS (0.07%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Countrywide Alternative Loan, Series 2007-17CB, Class A6 | 4.29% | 08/25/37 |  | 6428302 |  | 2658467 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |
| **(Cost $1,094,188,863)** |  |  |  |  |  | **1057205498** |
| **CONVERTIBLE CORPORATE BONDS (0.38%)** | **CONVERTIBLE CORPORATE BONDS (0.38%)** | **CONVERTIBLE CORPORATE BONDS (0.38%)** | **CONVERTIBLE CORPORATE BONDS (0.38%)** | **CONVERTIBLE CORPORATE BONDS (0.38%)** | **CONVERTIBLE CORPORATE BONDS (0.38%)** | **CONVERTIBLE CORPORATE BONDS (0.38%)** |
| **REITS (0.38%)** | **REITS (0.38%)** | **REITS (0.38%)** | **REITS (0.38%)** | **REITS (0.38%)** | **REITS (0.38%)** | **REITS (0.38%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corp. | 5.50% | 03/15/26 |  | 10682000 |  | 10684136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corp. | 8.50% | 06/01/29 |  | 3000000 |  | 3190828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 7.75% | 06/15/27 |  | 1000000 |  | 1015726 |
| **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** |
| **(Cost $14,561,074)** |  |  |  |  |  | **14890690** |
| **CORPORATE BONDS (0.12%)** | **CORPORATE BONDS (0.12%)** | **CORPORATE BONDS (0.12%)** | **CORPORATE BONDS (0.12%)** | **CORPORATE BONDS (0.12%)** | **CORPORATE BONDS (0.12%)** | **CORPORATE BONDS (0.12%)** |
| **Diversified Financial Services (0.12%)** | **Diversified Financial Services (0.12%)** | **Diversified Financial Services (0.12%)** | **Diversified Financial Services (0.12%)** | **Diversified Financial Services (0.12%)** | **Diversified Financial Services (0.12%)** | **Diversified Financial Services (0.12%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;GKN Subordinated CTL Pass-Through Trust/Auburn MI<sup>(b)(c)</sup> | 0.00% | 03/15/30 |  | 7076849 |  | 4713181 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| **(Cost $5,290,714)** |  |  |  |  |  | **4713181** |
| **GOVERNMENT BONDS (9.69%)** | **GOVERNMENT BONDS (9.69%)** | **GOVERNMENT BONDS (9.69%)** | **GOVERNMENT BONDS (9.69%)** | **GOVERNMENT BONDS (9.69%)** | **GOVERNMENT BONDS (9.69%)** | **GOVERNMENT BONDS (9.69%)** |
| **Sovereign (9.69%)** | **Sovereign (9.69%)** | **Sovereign (9.69%)** | **Sovereign (9.69%)** | **Sovereign (9.69%)** | **Sovereign (9.69%)** | **Sovereign (9.69%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bond | 4.25% | 05/15/35 |  | 34000000 |  | 34112890 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note<sup>(i)</sup> | 4.63% | 02/15/35 |  | 100000000 |  | 103277340 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.88% | 08/15/34 | $| 250000000 | $| 244843750 |
| **TOTAL GOVERNMENT BONDS** | **TOTAL GOVERNMENT BONDS** | **TOTAL GOVERNMENT BONDS** | **TOTAL GOVERNMENT BONDS** | **TOTAL GOVERNMENT BONDS** | **TOTAL GOVERNMENT BONDS** | **TOTAL GOVERNMENT BONDS** |
| **(Cost $383,447,903)** |  |  |  |  |  | **382233980** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (32.80%)** |
| **Home Equity ABS (1.89%)** | **Home Equity ABS (1.89%)** | **Home Equity ABS (1.89%)** | **Home Equity ABS (1.89%)** | **Home Equity ABS (1.89%)** | **Home Equity ABS (1.89%)** | **Home Equity ABS (1.89%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE4, Class E<sup>(b)(c)</sup> | 6.81% | 09/25/54 |  | 1000000 |  | 1017036 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE4, Class D<sup>(b)(c)</sup> | 5.92% | 09/25/54 |  | 2000000 |  | 2024238 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-FL1, Class A2<sup>(c)(d)</sup> | 5.47% | 07/25/55 |  | 5710661 |  | 5760002 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-FL1, Class A1<sup>(c)(d)</sup> | 5.27% | 07/25/55 |  | 5076143 |  | 5114761 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class B<sup>(b)(c)</sup> | 5.71% | 05/25/55 |  | 2555076 |  | 2585515 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class C<sup>(b)(c)</sup> | 5.91% | 05/25/55 |  | 1490461 |  | 1508070 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class A<sup>(b)(c)</sup> | 5.41% | 07/25/55 |  | 4323414 |  | 4379904 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class C<sup>(b)(c)</sup> | 5.71% | 07/25/55 |  | 3026390 |  | 3048465 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE5, Class C<sup>(b)(c)</sup> | 5.69% | 08/25/55 |  | 8993271 |  | 9064779 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE5, Class A<sup>(b)(c)</sup> | 5.29% | 08/25/55 |  | 4496636 |  | 4537409 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE6, Class A<sup>(b)(c)</sup> | 5.04% | 09/25/55 |  | 16236292 |  | 16294133 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class B<sup>(b)(c)</sup> | 5.91% | 06/25/55 |  | 2476628 |  | 2533587 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class C<sup>(b)(c)</sup> | 6.11% | 06/25/55 |  | 3265021 |  | 3335040 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class A<sup>(b)(c)</sup> | 5.02% | 10/25/55 |  | 6967971 |  | 6982141 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class B<sup>(b)(c)</sup> | 5.12% | 10/25/55 |  | 2322657 |  | 2323936 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class C<sup>(b)(c)</sup> | 5.22% | 10/25/55 |  | 2136845 |  | 2131835 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class D<sup>(b)(c)</sup> | 6.14% | 10/25/55 |  | 2100000 |  | 2115453 |
| **WL Collateral CMO (30.69%)** | **WL Collateral CMO (30.69%)** | **WL Collateral CMO (30.69%)** | **WL Collateral CMO (30.69%)** | **WL Collateral CMO (30.69%)** | **WL Collateral CMO (30.69%)** | **WL Collateral CMO (30.69%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM4, Class A3<sup>(c)(d)</sup> | 8.10% | 10/25/27 |  | 1591490 |  | 1615231 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM5, Class B1<sup>(b)(c)</sup> | 8.09% | 11/25/68 |  | 3000000 |  | 3025164 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM1, Class B1<sup>(b)(c)</sup> | 8.45% | 02/25/69 |  | 3017000 |  | 3077038 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class B1B<sup>(b)(c)</sup> | 7.98% | 08/25/69 |  | 2572667 |  | 2592889 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class M1<sup>(b)(c)</sup> | 5.93% | 08/25/69 |  | 6800000 |  | 6837592 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class A3<sup>(c)(d)</sup> | 5.82% | 08/25/69 |  | 4175581 |  | 4201755 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM2, Class A2<sup>(c)(d)</sup> | 5.94% | 05/25/29 |  | 1826450 |  | 1850938 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM3, Class A1<sup>(c)(d)</sup> | 5.37% | 08/25/70 |  | 12860254 |  | 12998103 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A1<sup>(c)(d)</sup> | 5.23% | 09/25/29 |  | 10749022 |  | 10842042 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A3<sup>(c)(d)</sup> | 5.73% | 09/25/29 |  | 24429595 |  | 24638189 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A2<sup>(c)(d)</sup> | 5.48% | 09/25/29 |  | 5429233 |  | 5471319 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A1B<sup>(c)(d)</sup> | 5.23% | 09/25/29 |  | 8794548 |  | 8855642 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM5, Class M1<sup>(b)(c)</sup> | 5.89% | 11/25/29 |  | 1650000 |  | 1650668 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2026-NQM1, Class M1<sup>(b)(c)</sup> | 5.80% | 01/25/30 |  | 5000000 |  | 4971583 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2026-NQM1, Class A3<sup>(c)(d)</sup> | 5.27% | 01/25/30 |  | 7000000 |  | 6989391 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2026-NQM1, Class B1<sup>(b)(c)</sup> | 6.52% | 01/25/30 |  | 2700000 |  | 2664860 |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMT, Series 2024-NQM6, Class A3<sup>(c)(d)</sup> | 6.07% | 01/25/70 |  | 3311540 |  | 3346282 |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMT, Series 2024-NQM6, Class M1<sup>(b)(c)</sup> | 6.57% | 01/25/70 |  | 5000000 |  | 5088544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-18CB, Class A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.58% | 07/25/36 |  | 8797045 |  | 3320915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-24CB, Class A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 08/25/36 |  | 4987749 |  | 2083628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-24CB, Class A19<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 08/25/36 |  | 2301557 |  | 945022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-6CB, Class 2A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 05/25/36 |  | 9913200 |  | 2693064 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2007-5CB, Class 1A19<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 04/25/37 | $7746288 | $2834553 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Home Mortgage Investment Trust, Series 2006-3, Class 3A2<sup>(d)</sup> | 6.75% | 12/25/36 | 7622670 | 2348119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.36% | 11/25/27 | 3400000 | 3410008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 7.96% | 11/25/27 | 1600000 | 1612207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2019-6, Class B1<sup>(b)(c)</sup> | 3.94% | 11/25/59 | 2000000 | 1940373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2020-R1, Class A1<sup>(b)(c)</sup> | 0.99% | 04/25/53 | 1221237 | 1170940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2021-6, Class A1<sup>(b)(c)</sup> | 1.46% | 09/25/66 | 10170683 | 8720652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2021-7, Class A1<sup>(b)(c)</sup> | 1.98% | 10/25/66 | 10451262 | 9245505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arixa Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 5.74% | 02/25/28 | 11000000 | 11050161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of America Funding 2006 8T2 Trust, Series 2006-8T2, Class A6<sup>(d)</sup> | 6.55% | 10/25/36 | 1670371 | 1486987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of America Funding , Series 2015-R2, Class 9A2<sup>(c)(d)</sup> | 4.56% | 07/27/27 | 9394850 | 8745335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A2<sup>(b)(c)</sup> | 1.98% | 09/25/51 | 831624 | 769254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A3<sup>(b)(c)</sup> | 2.19% | 09/25/51 | 2627933 | 2441805 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCAP LLC-I Trust, Series 2010-RR5, Class 2A10<sup>(b)(c)</sup> | 6.10% | 04/26/37 | 8355709 | 4092563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR2, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 03/25/37 | 5383609 | 4870381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class 1A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 04/25/37 | 2307833 | 2175686 |
| &nbsp;&nbsp;&nbsp;&nbsp;BINOM Securitization Trust, Series 2021-INV1, Class A1<sup>(b)(c)</sup> | 2.03% | 06/25/56 | 14908772 | 13858482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Lending Trust, Series 2022-1, Class M2<sup>(b)(c)</sup> | 2.75% | 02/25/27 | 2788632 | 2614342 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1<sup>(b)(c)</sup> | 0.94% | 02/25/49 | 1753632 | 1652435 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM1, Class A3<sup>(b)(c)</sup> | 1.33% | 02/25/49 | 559457 | 529718 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1<sup>(b)(c)</sup> | 0.97% | 03/25/60 | 3685214 | 3635887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.76% | 05/25/28 | 3000000 | 3004607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 5.59% | 05/25/28 | 20000000 | 20031082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 8.34% | 05/25/27 | 10526000 | 10693983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2026-RTL1, Class M<sup>(c)(d)</sup> | 8.54% | 07/25/28 | 1900000 | 1902212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2026-RTL1, Class A1<sup>(c)(d)</sup> | 5.38% | 07/25/28 | 25000000 | 25028992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2026-RTL1, Class A2<sup>(c)(d)</sup> | 6.41% | 07/25/28 | 3000000 | 3003595 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2022-1, Class A1<sup>(b)(c)</sup> | 4.01% | 01/25/67 | 7424368 | 7196911 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-2, Class A1<sup>(c)(d)</sup> | 6.53% | 05/25/27 | 574997 | 575517 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-3, Class A1<sup>(c)(d)</sup> | 7.10% | 06/25/27 | 2417510 | 2427071 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-4, Class A1<sup>(c)(d)</sup> | 7.57% | 09/25/58 | 3722475 | 3757425 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2025-NR1, Class A1<sup>(c)(d)</sup> | 5.00% | 06/25/64 | 18344253 | 18050603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Series 2025-LTV1, Class A1<sup>(b)(c)</sup> | 5.24% | 11/25/29 | 9171046 | 9259012 |
| &nbsp;&nbsp;&nbsp;&nbsp;COLTMortgage Pass-Through Certificates, Series 2021-1R, Class A3<sup>(b)(c)</sup> | 1.42% | 05/25/65 | 2007269 | 1868874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cribs Mortgage Trust, Series 2025-RTL1, Class A1 | 5.81% | 10/25/27 | 3350000 | 3379858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cribs Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.44% | 10/25/27 | 5850000 | 5905005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2023-H1, Class B1<sup>(b)(c)</sup> | 8.28% | 03/25/68 | 3000000 | 3012948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2024-H6, Class B1A<sup>(b)(c)</sup> | 6.64% | 09/25/69 | 1079000 | 1082630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2025-H10, Class M1<sup>(b)(c)</sup> | 5.90% | 01/25/71 | 5303000 | 5306938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2025-CES1, Class A1A<sup>(c)(d)</sup> | 5.30% | 10/25/29 | 4278944 | 4309650 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSMC, Series 2021-NQM2, Class A1<sup>(b)(c)</sup> | 1.18% | 02/25/66 | 5179919 | 4658517 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSMC, Series 2021-NQM3, Class A1<sup>(b)(c)</sup> | 1.02% | 04/25/66 | 3291510 | 2894739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;CSMC, Series 2021-NQM3, Class A3<sup>(b)(c)</sup> | 1.63% | 04/25/66 | $1078503 | $964203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-1, Class A3<sup>(b)(c)</sup> | 1.13% | 05/25/65 | 1085410 | 1055738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-2, Class A2<sup>(b)(c)</sup> | 1.21% | 04/25/66 | 1331492 | 1203718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-3, Class A1<sup>(b)(c)</sup> | 1.19% | 08/25/66 | 2672441 | 2367256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2021-RTL1, Class A1<sup>(c)(d)</sup> | 3.49% | 07/25/27 | 5930219 | 5905459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2021-RTL1, Class M<sup>(c)(d)</sup> | 5.73% | 07/25/27 | 3500000 | 3412893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.02% | 09/25/27 | 4000000 | 4064869 |
| &nbsp;&nbsp;&nbsp;&nbsp;DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A<sup>(b)</sup> | 1M CME TERM SOFR + 0.31% | 10/19/36 | 18194268 | 12395864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Easy Street Mortgage Loan Trust, Series 2025-RTL2, Class A1<sup>(c)(d)</sup> | 5.61% | 10/25/40 | 14000000 | 14024920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Easy Street Mortgage Loan Trust, Series 2025-RTL2, Class A2<sup>(c)(d)</sup> | 7.16% | 10/25/40 | 3600000 | 3605662 |
| &nbsp;&nbsp;&nbsp;&nbsp;EFMT, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 6.39% | 05/25/28 | 2000000 | 2002130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Series 2021-3, Class A1<sup>(b)(c)</sup> | 1.24% | 09/25/66 | 3713840 | 3148834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Series 2021-3, Class A3<sup>(b)(c)</sup> | 1.55% | 09/25/66 | 891918 | 764387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL1, Class A2<sup>(b)(c)</sup> | 6.22% | 02/27/40 | 1750000 | 1761927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL2, Class A2<sup>(b)</sup> | 6.06% | 08/25/27 | 2250000 | 2262598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL2, Class A1<sup>(b)</sup> | 5.57% | 08/25/27 | 8000000 | 8038947 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCAT, Series 2021-NQM3, Class A1<sup>(c)</sup> | 1.09% | 05/25/66 | 4388680 | 3896325 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCAT, Series 2021-NQM3, Class A3<sup>(b)(c)</sup> | 1.50% | 05/25/66 | 3155312 | 2831893 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCAT , Series 2025-NQM6, Class M1<sup>(b)(c)</sup> | 5.78% | 10/25/29 | 4206500 | 4186276 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCAT, Series 2021-NQM4, Class A1<sup>(b)(c)</sup> | 1.09% | 08/25/66 | 508740 | 431440 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2021-NQM1, Class B2<sup>(b)(c)</sup> | 4.21% | 07/25/61 | 1000000 | 846543 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-GR2, Class A2<sup>(b)(c)</sup> | 3.00% | 08/26/52 | 20590972 | 18056514 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust 2022-LTV2, Series 2022-MM1, Class A2<sup>(b)(c)</sup> | 2.50% | 07/25/52 | 13828498 | 11626202 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A6<sup>(b)(c)</sup> | 3.00% | 01/25/43 | 7568616 | 6618105 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-PJ6, Class A4<sup>(b)(c)</sup> | 3.00% | 03/25/42 | 19883074 | 17386040 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class A3<sup>(c)(d)</sup> | 5.49% | 01/25/66 | 14624688 | 14741596 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class M1<sup>(b)(c)</sup> | 5.79% | 01/25/66 | 3856000 | 3848096 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class B1<sup>(b)(c)</sup> | 6.74% | 01/25/66 | 5339000 | 5327475 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A3<sup>(b)(c)(d)</sup> | 5.90% | 06/25/29 | 9001259 | 9118456 |
| &nbsp;&nbsp;&nbsp;&nbsp;HarborView Mortgage Loan Trust, Series 2006-4, Class 1A2A<sup>(b)</sup> | 1M CME TERM SOFR + 0.49% | 05/19/46 | 14749460 | 7480812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2020-NQM1, Class A1<sup>(b)(c)</sup> | 1.38% | 10/25/55 | 3230576 | 3120721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2023-NQM1, Class B1<sup>(b)(c)</sup> | 8.06% | 02/25/68 | 4500000 | 4487912 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2022-6, Class A3<sup>(b)(c)</sup> | 3.00% | 07/25/42 | 11261934 | 9847593 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2024-7, Class A3<sup>(b)(c)</sup> | 3.00% | 04/25/53 | 13529566 | 11830443 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-NQM4, Class M1B<sup>(b)(c)</sup> | 5.99% | 03/25/66 | 1500000 | 1496981 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2025-NQM5, Class M1A<sup>(b)(c)</sup> | 5.67% | 12/25/29 | 2742000 | 2738052 |
| &nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Resecuritization Trust, Series 2015-1, Class 4A2<sup>(b)(c)</sup> | 3.79% | 09/27/36 | 7748945 | 7282693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-7, Class 3A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 11/25/36 | 34354669 | 3950234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-9, Class 1A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 01/25/37 | 1587691 | 829900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2007-2, Class 2A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.42% | 02/25/37 | 25019814 | 4533343 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman XS Trust, Series 2007-6, Class 3A32<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 05/25/37 | $6156267 | $5730559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman XS Trust, Series 2007-6, Class 3A31<sup>(d)</sup> | 4.21% | 05/25/37 | 2902478 | 2672299 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2026-RTL1, Class M2<sup>(b)(c)</sup> | 7.69% | 07/25/28 | 1400000 | 1399989 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2026-RTL1, Class M1<sup>(c)</sup> | 5.99% | 07/25/28 | 2400000 | 2399971 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL4, Class A1<sup>(c)(d)</sup> | 7.63% | 06/25/26 | 11885408 | 11903148 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A1<sup>(c)(d)</sup> | 7.02% | 01/25/29 | 10190000 | 10201249 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 9.17% | 01/25/29 | 6000000 | 6012202 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A2<sup>(c)(d)</sup> | 8.90% | 10/25/26 | 4100000 | 4137652 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1<sup>(c)(d)</sup> | 7.13% | 10/25/26 | 18306000 | 18412651 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A1<sup>(c)(d)</sup> | 6.90% | 12/25/26 | 10636000 | 10719955 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class M<sup>(c)(d)</sup> | 10.73% | 12/25/26 | 1250000 | 1260457 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A2<sup>(c)(d)</sup> | 8.37% | 12/25/26 | 10500000 | 10621872 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL4, Class M1<sup>(b)(c)</sup> | 7.79% | 01/25/27 | 2000000 | 2015696 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL5, Class M1<sup>(b)(c)</sup> | 6.82% | 09/25/39 | 9400000 | 9433783 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 7.02% | 01/25/40 | 6000000 | 6047930 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL3, Class M1<sup>(b)(c)</sup> | 6.89% | 02/25/28 | 2500000 | 2518335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A3<sup>(b)(c)</sup> | 2.50% | 05/25/43 | 11105961 | 9337250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3<sup>(b)(c)</sup> | 3.00% | 10/25/44 | 6252793 | 5483162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1, Class 1A10<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 05/25/37 | 15921239 | 2281939 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA , Series 2021-INV2, Class A1<sup>(b)(c)</sup> | 1.91% | 11/25/56 | 2104284 | 1935815 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA , Series 2021-NQM1, Class A2<sup>(b)(c)</sup> | 1.38% | 04/25/65 | 1160967 | 1101481 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA , Series 2021-NQM1, Class A3<sup>(b)(c)</sup> | 1.64% | 04/25/65 | 2378425 | 2262342 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA , Series 2024-RTL3, Class A2<sup>(c)(d)</sup> | 6.54% | 05/25/28 | 1600000 | 1611564 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA , Series 2025-NQM3, Class A3<sup>(c)(d)</sup> | 5.72% | 08/25/70 | 14170462 | 14308577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A2<sup>(c)(d)</sup> | 5.70% | 07/25/29 | 2016033 | 2039494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A2<sup>(c)(d)</sup> | 5.22% | 10/25/29 | 3788088 | 3801327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A3 | 5.42% | 10/25/29 | 4735111 | 4763787 |
| &nbsp;&nbsp;&nbsp;&nbsp;NMLT , Series 2021-INV1, Class A1<sup>(b)(c)</sup> | 1.19% | 05/25/56 | 1277317 | 1134218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura Resecuritization Trust, Series 2014-8R, Class 1A2<sup>(b)(c)</sup> | 4.35% | 10/26/36 | 1860365 | 1817897 |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX , Series 2020-EXP2, Class A3<sup>(b)(c)</sup> | 2.50% | 05/25/60 | 8904992 | 7541455 |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX, Series 2023-INV1, Class A1<sup>(b)(c)</sup> | 3.00% | 01/25/52 | 18212221 | 15970554 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2026-NPL2, Class A2<sup>(c)(d)</sup> | 6.41% | 01/25/29 | 4000000 | 3999940 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRKCM , Series 2021-AFC1, Class A1<sup>(b)(c)</sup> | 1.51% | 08/25/56 | 10358321 | 8869869 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRKCM , Series 2023-AFC1, Class A3<sup>(c)(d)</sup> | 7.30% | 02/25/27 | 802156 | 800846 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRMI Securitization Trust, Series 2025-CMG1, Class M1<sup>(b)(c)</sup> | 30D US SOFR + 2.80% | 01/25/32 | 1996000 | 1992449 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRMI Securitization Trust, Series 2025-CMG1, Class A1S<sup>(b)(c)</sup> | 30D US SOFR + 1.70% | 01/25/32 | 13225000 | 13212062 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-2, Class A1<sup>(c)(d)</sup> | 6.47% | 05/25/30 | 6241859 | 6240559 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM, Series 2025-3, Class A1<sup>(c)(d)</sup> | 6.26% | 05/25/28 | 22181997 | 22165951 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-5, Class A1<sup>(c)(d)</sup> | 5.73% | 07/25/28 | 14296095 | 14275435 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-5, Class A2<sup>(c)(d)</sup> | 8.57% | 07/25/28 | 4072000 | 4075648 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-6, Class A1<sup>(c)(d)</sup> | 5.77% | 08/25/28 | 18257816 | 18244616 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-6, Class A2<sup>(c)(d)</sup> | 8.33% | 08/25/28 | 4400000 | 4405426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rain City Mortgage Trust, Series 2024-RTL1, Class A2<sup>(b)(c)</sup> | 8.02% | 09/25/29 | 10000000 | 10109404 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2006-QS2, Class 1A14<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 02/25/36 | $4329665 | $3379987 |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2006-QS4, Class A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 04/25/36 | 1373438 | 1038754 |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2007-QO5, Class A<sup>(b)</sup> | 12M US FED + 3.12% | 08/25/47 | 9462102 | 1328700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2007-QS7, Class 2A1 | 6.75% | 06/25/37 | 28006805 | 10916773 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBSSP Resecuritization Trust, Series 2009-7, Class 5A3<sup>(b)(c)</sup> | 1M CME TERM SOFR + 0.51% | 06/26/37 | 2859150 | 2097138 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCO X Mortgage LLC, Series 2025-5, Class A1<sup>(c)(d)</sup> | 5.42% | 10/25/28 | 23991828 | 23998780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2006-R1, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 01/25/46 | 9871665 | 2754036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A3<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 03/25/37 | 30466903 | 7371772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A9 | 5.75% | 03/25/37 | 4623792 | 1497920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A1 | 6.00% | 03/25/37 | 3534189 | 1157969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Series 2020-1, Class A3<sup>(b)(c)</sup> | 2.68% | 01/26/60 | 64182 | 63838 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Series 2022-1, Class M2<sup>(b)(c)</sup> | 3.00% | 01/25/28 | 5000000 | 4427500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2021-RTL1, Class M<sup>(b)(c)</sup> | 6.68% | 08/25/26 | 6745000 | 6336534 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class M1<sup>(c)(d)</sup> | 6.73% | 08/25/28 | 3036000 | 3086131 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class A1<sup>(c)(d)</sup> | 5.97% | 08/25/28 | 8929694 | 9024737 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class A3<sup>(c)(d)</sup> | 6.33% | 08/25/28 | 745000 | 756891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-INV1, Class M1<sup>(b)(c)</sup> | 6.60% | 07/25/28 | 2000000 | 2021616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1<sup>(c)(d)</sup> | 7.50% | 02/25/30 | 23750000 | 23778875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1<sup>(c)(d)</sup> | 7.76% | 04/25/30 | 15500000 | 15600721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A1<sup>(c)(d)</sup> | 7.44% | 12/25/26 | 23389000 | 23651308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A2<sup>(c)(d)</sup> | 8.68% | 12/25/26 | 6250000 | 6351933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A2<sup>(c)(d)</sup> | 5.94% | 02/25/65 | 2659087 | 2694264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM3, Class A3<sup>(c)(d)</sup> | 6.06% | 05/25/65 | 12518290 | 12704047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM5, Class A1<sup>(b)(c)</sup> | 5.07% | 08/25/65 | 12293954 | 12365765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Series 2025-S1, Class A4<sup>(b)(c)</sup> | 2.50% | 11/25/37 | 10016014 | 8983812 |
| &nbsp;&nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Series 2021-2, Class A1<sup>(b)(c)</sup> | 1.74% | 12/25/61 | 14003140 | 12037999 |
| &nbsp;&nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Series 2025-1, Class A1<sup>(b)(c)</sup> | 5.10% | 12/25/29 | 4990051 | 5006817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Splitero Trust, Series 2025-1, Class A1<sup>(c)(d)</sup> | 5.75% | 11/25/28 | 4419000 | 4395659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3<sup>(b)(c)</sup> | 2.92% | 09/27/49 | 1229994 | 1221776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-2, Class A3<sup>(b)(c)</sup> | 1.43% | 05/25/65 | 491199 | 478090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-2, Class A2<sup>(b)(c)</sup> | 1.17% | 05/25/65 | 402783 | 391566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-5, Class A3<sup>(b)(c)</sup> | 2.44% | 09/25/66 | 5645053 | 5088101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Asset Mortgage Investments II Trust, Series 2007-AR2, Class 1A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.49% | 02/25/37 | 4221370 | 5075993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class A1<sup>(c)(d)</sup> | 7.33% | 02/25/31 | 15655037 | 15670490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class A2<sup>(c)(d)</sup> | 9.60% | 02/25/31 | 7000000 | 7008420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class M1<sup>(c)(d)</sup> | 12.55% | 02/25/31 | 6000000 | 6007681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL1, Class M1<sup>(b)(c)</sup> | 9.16% | 03/25/26 | 4000000 | 4011555 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL1, Class A2<sup>(c)(d)</sup> | 7.57% | 03/25/26 | $| 6500000 | $| 6519961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class M1<sup>(b)(c)</sup> | 7.26% | 09/25/39 |  | 6000000 |  | 6006179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class A2<sup>(c)(d)</sup> | 5.90% | 09/25/39 |  | 13875000 |  | 13920479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.16% | 03/25/27 |  | 15750000 |  | 15812518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class M1<sup>(b)(c)</sup> | 6.79% | 03/25/27 |  | 4000000 |  | 4008432 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2024-RRTL1, Class A2<sup>(c)(d)</sup> | 5.96% | 02/25/27 |  | 2000000 |  | 2008824 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2026-RRTL1, Class M1<sup>(b)(c)</sup> | 6.34% | 07/25/28 |  | 1500000 |  | 1499982 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2026-RRTL1, Class M2<sup>(b)(c)</sup> | 8.09% | 07/25/28 |  | 1000000 |  | 999994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.52% | 03/25/30 |  | 5863000 |  | 5927240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A1<sup>(b)(c)</sup> | 0.82% | 10/25/63 |  | 683739 |  | 674231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A2<sup>(b)(c)</sup> | 1.06% | 10/25/63 |  | 507708 |  | 500898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A3<sup>(b)(c)</sup> | 1.26% | 10/25/63 |  | 1215814 |  | 1199997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class A1<sup>(b)(c)</sup> | 1.02% | 04/25/64 |  | 13364772 |  | 12703956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class A2<sup>(b)(c)</sup> | 1.28% | 04/25/64 |  | 711698 |  | 677048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class B2<sup>(b)(c)</sup> | 4.07% | 04/25/64 |  | 3000000 |  | 2874418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2022-1, Class A1<sup>(c)(d)</sup> | 3.72% | 01/25/67 |  | 4664667 |  | 4475664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2025-12, Class B1<sup>(b)(c)</sup> | 6.56% | 12/25/70 |  | 3642000 |  | 3654594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2026-1, Class B1<sup>(b)(c)</sup> | 6.47% | 01/25/71 |  | 1500000 |  | 1496799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 6.51% | 03/25/27 |  | 8000000 |  | 8125434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.01% | 03/25/27 |  | 4600000 |  | 4679327 |
| **WL Collateral PAC (0.22%)** | **WL Collateral PAC (0.22%)** | **WL Collateral PAC (0.22%)** | **WL Collateral PAC (0.22%)** | **WL Collateral PAC (0.22%)** | **WL Collateral PAC (0.22%)** | **WL Collateral PAC (0.22%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-18CB, Class A7<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 07/25/36 |  | 23287791 |  | 8602685 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| **(Cost $1,310,624,442)** |  |  |  |  |  | **1293988198** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** |<br>**Value** |
| **SHORT TERM INVESTMENTS - COMMON SHARES (7.38%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (7.38%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (7.38%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (7.38%)** |
| **Money Market Fund (7.38%)** | **Money Market Fund (7.38%)** | **Money Market Fund (7.38%)** | **Money Market Fund (7.38%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, Class X | 3.61% | 277455313 | 277455313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan US Treasury Plus Money Market Fund, Class Capital | 3.58% | 13638304 | 13638304 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $291,093,617)** |  |  | **291093617** |
| **TOTAL INVESTMENTS (101.65%)** |  |  |  |
| **(Cost $4,070,204,327)** |  |  | $**4010075942** |
| **Liabilities in Excess of Other Assets (-1.65%)** |  |  | (65264062) |
| **NET ASSETS (100.00%)** |  |  | $**3944811880** |

---

*<sup>(a)</sup>* *Perpetual maturity.*

*<sup>(b)</sup>* *Floating or variable rate security. The Reference Rates are described below. Interest rate shown reflects the rate in effect at January 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

*<sup>(c)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. The total value of Rule 144A securities amounts to $3,043,216,102, which represents 77.14% of net assets as of January 31, 2026.*

*<sup>(d)</sup>* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at January 31, 2026.*

*<sup>(e)</sup>* *Security has associated unfunded commitments of $1,343,003.*

*<sup>(f)</sup>* *The Fund's interest in this loan is held through a wholly-owned LLC of the Fund. See Notes 1 and 2 to the Consolidated Notes to Schedule of Investments.*

*<sup>(g)</sup>* *Interest only securities.*

*<sup>(h)</sup>* *Issued with a zero coupon. Income is recognized through the accretion of discount.*

*<sup>(i)</sup>* *On January 31, 2026, securities valued at $104,384,216 were pledged as collateral for reverse repurchase agreements.*

**Investment Abbreviations:**

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

FED - Federal Funds Rate

**Reference Rates:**

1D US SOFR - 1 Day US SOFR as of January 31, 2026 was 3.68%

12M US FED - 12 Month US FED as of January 31, 2026 was 3.86%

1M US SOFR - 1 Month US SOFR as of January 31, 2026 was 3.68%

1M CME TERM SOFR - 1 Month CME SOFR as of January 31, 2026 was 3.67%

30D US SOFR - 30 Day US SOFR as of January 31, 2026 was 3.68%

**INTEREST RATE SWAP CONTRACTS (CENTRALLY CLEARED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate<sup>\*</sup>** | **Clearing House** | **Floating Rate** | **Expiration Date** | **Notional Amount<sup>\*\*</sup>** | **Currency** | **Fixed Rate** | **Fair Value** | **Unrealized Appreciation/<br> (Depreciation)** |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 01/22/2034 | 13256000 | USD | 3.74% | $5433 | $5433 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 05/25/2026 | 20000000 | USD | 0.91% | 191611 | 191611 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 08/05/2026 | 50000000 | USD | 0.73% | 800325 | 800325 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 02/13/2034 | 26664000 | USD | 3.82% | 159028 | 159029 |
|  |  |  |  |  |  |  | $1156398 | $1156398 |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 10/11/2034 | 21500000 | USD | 3.60% | $(287898) | $(287898) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 04/24/2033 | 35542920 | USD | 3.38% | (887791) | (887791) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 04/03/2033 | 34745115 | USD | 3.39% | (816877) | (816877) |
|  |  |  |  |  |  |  | $(1992566) | $(1992566) |
|  |  |  |  |  |  |  | $(836168) | $(836168) |

---

*\** *The swap contracts with the floating 1D US SOFR pay and receive amounts annually.* 

*\*\** *The notional amount of each interest rate swap contract is stated in the currency in which the derivative is denominated.*

**<u>FUTURES CONTRACTS - LONG (CENTRALLY CLEARED)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Position** | <br>**Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Value** | **Value and Unrealized**<br>**Appreciation/(Depreciation)** |
| U.S. 10yr Treasury Note Future | Wells Fargo Securities, LLC | Long | 930 | March 2026 | $(106150781) | $(1912085) |
|  |  |  |  |  | $(106150781) | $(1912085) |

---

**Reverse Repurchase Agreements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Acquisition Date** | **Maturity Date** | **Amount** |
| Barclays | 3.79% | 01/22/2026-01/30/2026 | 02/05/2026-03/02/2026 | $100000000 |
|  |  |  |  | $100000000 |

---

All agreements can be terminated by either party on demand at value plus accrued interest.

**Axonic Strategic Income Fund**

**CONSOLIDATED NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)** 

January 31, 2026

**1. ORGANIZATION**

Axonic Strategic Income Fund (the "Fund"), is a diversified series of the Axonic Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended ("1940 Act") as an open-end management investment company. The Trust was organized as a Delaware statutory trust on October 17, 2019 pursuant to a Declaration of Trust governed by the laws of the State of Delaware. Axonic Capital LLC (the "Adviser") acts as the Fund's investment adviser. The Adviser is a registered investment adviser and is responsible for making the investment decisions for the Fund's portfolio. The Fund's investment objective is to seek total return. Under normal circumstances, the Fund will concentrate its investments (i.e., invest 25% or more of its total assets (measured at the time of purchase)) in Mortgage-Backed Securities ("MBS") and other mortgage-related securities (such as CMOs), which the Fund treats as investments in a group of industries.

The Fund currently offers Class A and Class I shares. Class A shares commenced operations on July 17, 2020 and Class I commenced operations on December 31, 2019. Class A shares are offered subject to a maximum sales charge of 2.25%. Class I shares are offered at NAV and are not subject to sales charges. The Fund may offer additional classes of shares in the future.

The Fund's assets may be invested in wholly-owned and controlled subsidiaries of the Fund, including Axonic Strategic Loan Funds LLC and AXSIX Lender LLC (the "Subsidiaries"). Both of the Subsidiaries have the same investment objective as the Fund and are Delaware limited liability companies. To the extent permitted by the 1940 Act, the Fund may make investments through the Subsidiaries, which are pass-through entities.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is considered an investment company for financial reporting purposes under GAAP. The Fund follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies". The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

**Consolidation of Subsidiaries** – The consolidated financial statements include the financial position and the results of operations of the Fund and its Subsidiaries. As of January 31, 2026, the total value of investments held by the Subsidiaries is $3,302,422, or approximately 0.08% of the Fund's net assets.

All intercompany accounts and transactions have been eliminated in these consolidated financial statements.

**Securities Valuation** – The Fund values its investments at fair value. The Fund's Board of Trustees (the "Board") has approved pricing policies and procedures and fair valuation policies and procedures pursuant to which the Fund will value its investments. The Adviser has appointed an independent Administrator of the Fund, pursuant to the administration agreement, under which the Administrator independently calculates the daily Net Asset Value per share ("NAV") of the Fund. In doing so, the Administrator, on a daily basis, in compliance with the policies and procedures described above, independently values the investment positions within the Fund's portfolio. The Administrator at its discretion may notify the Fund or the Board of any valuation conflicts and/or non-compliance with the policies and procedures. The Administrator and the Adviser will include in quarterly written reports to the Board confirmation that the policies and procedures provide fair and accurate prices. Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined. Investments in shares of funds, including money market funds that are not traded on an exchange are valued at the end of day NAV of such fund.

Structured credit and other similar debt securities including, but not limited to, asset-backed securities, collateralized debt obligations, collateralized loan obligations, collateralized mortgage obligations, mortgage-backed securities, commercial mortgage-backed securities, and other securitized investments backed by certain debt or other receivables (collectively, "Structured Credit Securities"), are valued on the basis of valuations provided by independent pricing services and /or dealers in those instruments recommended by the Adviser and approved by the Board. Interest Rate Swaps are valued by an independent pricing service as approved by the Board. Future contracts listed on an exchange are valued at the last reported sale price or, if unavailable, at the midpoint of the bid-ask spread as of the valuation date. If a contract cannot be liquidated on the valuation date due to exchange-imposed limits or trading restrictions, it is valued at the settlement price on the next day the contract can be liquidated. In determining fair value, pricing services and dealers will generally use information with respect to transactions in the securities being valued, quotations from other dealers, market transactions in comparable securities, analyses and evaluations of various relationships between securities, and yield to maturity information. The Adviser will, based on its reasonable judgment, select the pricing service or dealer quotation that most accurately reflects the fair market value of the Structured Credit Security while taking into account the information utilized by the pricing service or dealer to formulate the quotation in addition to any other relevant factors.

When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at "fair value" as determined in good faith by the Adviser's Valuation Committee using the fair valuation policies and procedures adopted by, and under the supervision of, the Board. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

The fair valuation policies and procedures may be used to value a substantial portion of the assets of the Fund. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and has not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by an independent pricing service and broker-dealer is inaccurate.

The "fair value" of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level and supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; and (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve and credit quality.

**Fair Value Measurements** – A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.

Various inputs are used in determining the value of the Fund's investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. To the extent practicable, the Adviser generally endeavors to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs are to be used when available.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund's investments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant Observable Inputs** | **Level 3 - <br> Significant Unobservable Inputs** | **Total** |
| Common Stocks | $242325 | $– | $– | $242325 |
| Preferred Stocks | 8202368 |  |  | 8202368 |
| Asset-Backed Securities |  | 918624790 |  | 918624790 |
| Bank Loans |  | 38881295 |  | 38881295 |
| Commercial Mortgage-Backed Securities |  | 1057205498 |  | 1057205498 |
| Convertible Corporate Bonds |  | 14890690 |  | 14890690 |
| Corporate Bonds |  | 4713181 |  | 4713181 |
| Government Bonds |  | 382233980 |  | 382233980 |
| Residential Mortgage-Backed Securities |  | 1293988198 |  | 1293988198 |
| Short Term Investments | 291093617 | – | – | 291093617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $299538310 | $3710537632 | $– | $4010075942 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Interest Rate Swap Contracts | $– | $1156398 | $– | $1156398 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Interest Rate Swap Contracts | $– | $(1992566) | $– | $(1992566) |
| Future Contract | $(1912085) | $— | $— | $(1912085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(1912085) | $(836168) | $– | $(2748253) |

---

*<sup>(a)</sup>* *For detailed descriptions of industries, see the accompanying Consolidated Schedule of Investments.*

*<sup>(b)</sup>* *Other financial instruments are derivative instruments reflected in the Consolidated Schedule of Investments. The derivatives shown in this table are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value.*

**Securities Transactions and Investment Income** – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Fund's investment in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

**3. DERIVATIVE CONTRACTS**

The Fund may transact in derivative transactions in connection with its investment activities. Such transactions are subject to interest risk, market risk, liquidity risk, risk of default by the other party to the transaction, known as "counterparty risk," regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs.

**Swap Agreements**: Swap agreements are primarily entered into by institutional investors and the value of such agreements may be extremely volatile. Certain swap agreements are traded OTC between two parties, while other more standardized swaps must be transacted through a futures commission merchant and centrally cleared or exchange-traded. While central clearing and exchange-trading are intended to reduce counterparty credit and liquidity risk, they do not make a swap transaction risk-free. The current regulatory environment regarding swap agreements is subject to change. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Fund's ability to enter into or close out swap agreements.

The swap market has matured in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity and may be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The inability to close derivative positions also could have an adverse impact on the Fund's ability to effectively hedge its portfolio. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap and, therefore, incurs a form of leverage. The Fund would typically have to post collateral to cover this potential obligation.

**Futures Contracts**: Futures contracts are commitments to either purchase or sell a financial instrument or commodity at a future date for a specified price. Upon entering into futures contracts, the Fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent changes in market value of the contract (which may require additional margin to be deposited) are recorded for financial statement purposes as unrealized gains or losses.

The Fund may use futures contracts to hedge against changes in the value of financial instruments or changes in interest rates. Upon entering into such futures contracts, the Fund bears the risk of interest rates or financial instruments' prices moving adversely to the positions. With futures, counterparty risk is mitigated as these contracts are exchange-traded and the exchange's clearinghouse guarantees against non-performance by the counterparty.

**4. REVERSE REPURCHASE AGREEMENTS**

The Fund may engage in reverse repurchase agreements. Reverse repurchase agreements are agreements that involve the sale of securities held by the Fund to financial institutions such as banks and broker-dealers, with an agreement that the Fund will repurchase the securities at an agreed upon price and date. During the reverse repurchase agreement period, the Fund continues to receive interest and principal payments on the securities sold. The Fund may employ reverse repurchase agreements (i) for temporary emergency purposes or to meet repurchase requests so as to avoid liquidating other portfolio securities during unfavorable market conditions; (ii) to cover short-term cash requirements resulting from the timing of trade settlements; or (iii) to take advantage of market situations where the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction.

Reverse repurchase agreements involve the risk that the market value of securities to be purchased by the Fund may decline below the price at which the Fund is obligated to repurchase the securities, or that the other party may default on its obligation, so that the Fund is delayed or prevented from completing the transaction. At the time the Fund enters into a reverse repurchase agreement, it will segregate, and maintain, liquid assets having a dollar value equal to the repurchase price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligations to repurchase the securities.

The segregated assets are found on the Fund's Consolidated Schedule of Investments as full or partially pledged securities. The total amount of securities pledged at January 31, 2026 was $104,384,216. As all agreements can be terminated by either party on demand, face value approximates fair value at January 31, 2026.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AXONIC FUNDS

- **b. Investment Company Act file number:** 811-23483

- **c. CIK number of Registrant:** 0001791032

- **d. LEI of Registrant:** 254900FM4YEIW3TLA840

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

  - **Street Address 1:** 520 MADISON AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2122590430

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

- **a. Name of Series:** Axonic Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000067475

- **c. LEI of Series:** 254900FM4YEIW3TLA840

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4091396904.52

**Total Liabilities:** $153114314.73

**Net Assets:** $3938282589.79

**Cash Not Reported:** $49757711.25

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2077.26886700 | **1-Year:** 49935.70146000 | **5-Year:** 86505.34160400 | **10-Year:** 112833.54083300 | **30-Year:** 2092.45964600

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

- **3-Month:** 1631.07031400 | **1-Year:** 20912.46668100 | **5-Year:** 29241.80130200 | **10-Year:** 11713.60447800 | **30-Year:** 1723.55731400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216959 | -1.85%               | -2.12%               | -1.85%               |
| Class ID C000216960 | 0.51%                | 0.09%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $374978.18               | $2935222.53                                |
| Month 2  | $-828238.48              | $-11291460.99                              |
| Month 3  | $2348746.60              | $279958.26                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Corporate High Yield Bond Index

- **Index Identifier:** LF98TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM4                                                | CUSIP: 00002MAC3<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |    1591490 | PA      | $1615230.81    | 0.04%             | 2068-09-25      | Variable      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM1                                                | CUSIP: 00039GAE9<br>LEI: 984500E3BD374F778L95 | Long             | ABS-MBS          | CORP              | US        |    3017000 | PA      | $3077038.30    | 0.08%             | 2069-02-25      | Variable      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM1                                                | CUSIP: 00040DAG8<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $6989391.50    | 0.18%             | 2030-01-25      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM1                                                | CUSIP: 00040DAH6<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4971583.50    | 0.13%             | 2030-01-25      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE2                                                         | CUSIP: 00112XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9075733 | PA      | $9174437.51    | 0.23%             | 2055-08-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE2                                                         | CUSIP: 00112XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4237641 | PA      | $4276935.86    | 0.11%             | 2055-08-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Dcal Aviation Finance Limited                                         | AIM Aviation Finance, Ltd.                                                  | CUSIP: 001406AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   15871077 | PA      | $15721888.71   | 0.40%             | 2040-02-15      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM5                                                | CUSIP: 00249XAE8<br>LEI: 984500L072D83D1AA637 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3025163.70    | 0.08%             | 2068-11-25      | Variable      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAE6<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |    3311540 | PA      | $3346282.34    | 0.08%             | 2070-01-25      | Variable      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAF3<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5088544.00    | 0.13%             | 2070-01-25      | Variable      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM5                                                | CUSIP: 00250AAF1<br>LEI: 984500B1KGB67O4A0631 | Long             | ABS-MBS          | CORP              | US        |    1650000 | PA      | $1650668.09    | 0.04%             | 2070-12-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM2                                                | CUSIP: 00250EAD8<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |    1826450 | PA      | $1850938.26    | 0.05%             | 2029-05-25      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM3                                                | CUSIP: 00250FAC7<br>LEI: 984500D4480E0AE81M71 | Long             | ABS-MBS          | CORP              | US        |   12860254 | PA      | $12998102.74   | 0.33%             | 2070-08-25      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Apollo Aviation Securitization Equity Trust                           | AASET 2020-1 Trust                                                          | CUSIP: 00255UAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1218302 | PA      | $1177123.60    | 0.03%             | 2040-01-16      | Fixed         | 6.41%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AE6<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    4175581 | PA      | $4201755.49    | 0.11%             | 2069-08-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AF3<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    6800000 | PA      | $6837591.76    | 0.17%             | 2069-08-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AH9<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    2572667 | PA      | $2592888.93    | 0.07%             | 2069-08-25      | Variable      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AA0<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |   10749022 | PA      | $10842041.63   | 0.28%             | 2029-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AC6<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |    8794548 | PA      | $8855641.60    | 0.22%             | 2029-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AD4<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |    5429233 | PA      | $5471319.50    | 0.14%             | 2029-09-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM4                                                | CUSIP: 002941AE2<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-MBS          | CORP              | US        |   24429595 | PA      | $24638189.41   | 0.63%             | 2029-09-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Achieve Personal Loan Master Pass-through Trust                       | Achieve Personal Loan Master Pass-Through Trust Series 2023-PT1             | CUSIP: 00446KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     211708 | PA      | $139706.09     | 0.00%             | 2053-09-15      | Variable      | 20.93%                | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19499542 | PA      | $19539824.57   | 0.50%             | 2055-11-25      | Variable      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3392920 | PA      | $3399869.76    | 0.09%             | 2055-11-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10353282 | PA      | $10374346.84   | 0.26%             | 2055-11-25      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Achieve Mortgage                                                      | ACHM Trust 2025-HE3                                                         | CUSIP: 00449VAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4491000 | PA      | $4532542.65    | 0.12%             | 2055-11-25      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| Acres Commercial Realty                                               | ACRES Commercial Realty Corp.                                               | CUSIP: 00489Q300<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |      83247 | NS      | $1835596.35    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Inc                                                            | Affirm Asset Securitization Trust 2024-X1                                   | CUSIP: 00834XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1500000 | PA      | $1501350.00    | 0.04%             | 2029-05-15      | Fixed         | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-24CB                                            | CUSIP: 02146TAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4987749 | PA      | $2083628.34    | 0.05%             | 2036-08-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-24CB                                            | CUSIP: 02146TAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2301557 | PA      | $945021.99     | 0.02%             | 2036-08-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8797045 | PA      | $3320915.25    | 0.08%             | 2036-07-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23287791 | PA      | $8602684.56    | 0.22%             | 2036-07-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2007-5CB                                             | CUSIP: 02150EAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7746288 | PA      | $2834552.85    | 0.07%             | 2037-04-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                               | American Home Mortgage Investment Trust 2006-3                              | CUSIP: 026929AM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7622670 | PA      | $2348119.14    | 0.06%             | 2036-12-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |    3400000 | PA      | $3410008.24    | 0.09%             | 2040-05-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2021-7                                             | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10451262 | PA      | $9245505.38    | 0.23%             | 2066-10-25      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2019-6                                             | CUSIP: 03464VAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1940373.40    | 0.05%             | 2059-11-25      | Variable      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2020-R1                                            | CUSIP: 034651AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1221237 | PA      | $1170940.22    | 0.03%             | 2053-04-25      | Variable      | 0.99%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2021-6                                             | CUSIP: 03465JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10170683 | PA      | $8720652.07    | 0.22%             | 2066-09-25      | Variable      | 1.46%                 | Yes           |                  2 | On Loan: No      |
| The Baha Trust                                                        | BAHA Trust 2024-MAR                                                         | CUSIP: 05493XAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  284500000 | PA      | $2588950.00    | 0.07%             | 2029-12-10      | Variable      | 0.36%                 | Yes           |                  2 | On Loan: No      |
| Bcap Llc Trust                                                        | BCAP LLC 2010-RR5-I Trust                                                   | CUSIP: 05532UAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8355709 | PA      | $4092562.98    | 0.10%             | 2037-04-26      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2018-TALL Mortgage Trust                                              | CUSIP: 05548WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3312000 | PA      | $3050352.00    | 0.08%             | 2037-03-15      | Floating      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2018-TALL Mortgage Trust                                              | CUSIP: 05548WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4760000 | PA      | $3985548.00    | 0.10%             | 2037-03-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Binom Securitization Trust                                            | BINOM Securitization Trust 2021-INV1                                        | CUSIP: 05552UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14908772 | PA      | $13858481.81   | 0.35%             | 2056-06-25      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4200000 | PA      | $3208800.00    | 0.08%             | 2038-06-15      | Floating      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4089000 | PA      | $2803418.40    | 0.07%             | 2038-06-15      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2389270 | PA      | $1236925.08    | 0.03%             | 2038-06-15      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15300000 | PA      | $4701690.00    | 0.12%             | 2038-06-15      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8500000 | PA      | $820250.00     | 0.02%             | 2038-06-15      | Floating      | 8.43%                 | Yes           |                  2 | On Loan: No      |
| Bfld Trust                                                            | BFLD 2024-WRHS Mortgage Trust                                               | CUSIP: 05555HAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4634985 | PA      | $4655379.14    | 0.12%             | 2026-08-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Bmd2 Re-remic Trust                                                   | BMD2 Re-Remic Trust 2019-FRR1                                               | CUSIP: 055631AZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12585000 | PA      | $10480788.00   | 0.27%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Bxp Trust                                                             | BXP Trust 2021-601L                                                         | CUSIP: 05607TAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1699000 | PA      | $1384515.10    | 0.04%             | 2032-01-15      | Variable      | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $349965.00     | 0.01%             | 2036-02-15      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $499950.00     | 0.01%             | 2036-02-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     793182 | PA      | $793102.88     | 0.02%             | 2036-02-15      | Floating      | 4.60%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     371681 | PA      | $371643.42     | 0.01%             | 2036-02-15      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BBH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1581620 | PA      | $1581461.38    | 0.04%             | 2036-02-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LBA                                                           | CUSIP: 05609BBM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     379589 | PA      | $379550.73     | 0.01%             | 2036-02-15      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2021-ACNT                                      | CUSIP: 05609QAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     656959 | PA      | $656498.70     | 0.02%             | 2038-11-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2022-IND                                                           | CUSIP: 05609WAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10500000 | PA      | $10528350.06   | 0.27%             | 2027-04-15      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11171322 | PA      | $11200367.03   | 0.28%             | 2027-03-15      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   34282900 | PA      | $34396033.45   | 0.87%             | 2027-03-15      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4932791 | PA      | $4948576.28    | 0.13%             | 2027-03-15      | Floating      | 9.01%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5058407 | PA      | $5075099.77    | 0.13%             | 2026-05-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8404358 | PA      | $8455624.80    | 0.21%             | 2026-05-15      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Bmo Mortgage Trust                                                    | BMO 2025-5C10 Mortgage Trust                                                | CUSIP: 05615BAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1803400.00    | 0.05%             | 2058-05-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-VOLT                                                          | CUSIP: 05619PAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4758000 | PA      | $4776080.40    | 0.12%             | 2044-12-15      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-VOLT                                                          | CUSIP: 05619PAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5012500.00    | 0.13%             | 2044-12-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Merrill Lynch Large Loan Inc                          | Banc of America Re-Remic Trust                                              | CUSIP: 05942XAG2<br>LEI: 549300MWBLMUUG6B8094 | Long             | ABS-MBS          | CORP              | US        |    9155000 | PA      | $5799692.50    | 0.15%             | 2032-02-27      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Funding Corporation                                   | Banc of America Funding 2006 8T2 Trust                                      | CUSIP: 05951UAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1670371 | PA      | $1486987.38    | 0.04%             | 2036-10-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Banc Of America Funding Corporation                                   | Banc of America Funding 2015-R2 Trust                                       | CUSIP: 05990TBE6<br>LEI: 549300FIDVENGSO4CW78 | Long             | ABS-MBS          | CORP              | US        |    9394850 | PA      | $8745334.93    | 0.22%             | 2027-07-27      | Variable      | 4.56%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2019-BNK17                                                             | CUSIP: 065403AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1849000 | PA      | $1534115.30    | 0.04%             | 2029-04-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2022-BNK41                                                             | CUSIP: 06540MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1050150.00    | 0.03%             | 2032-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                          | Barclays Mortgage Loan Trust 2021-NQM1                                      | CUSIP: 06744UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     831624 | PA      | $769254.08     | 0.02%             | 2051-09-25      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                                          | Barclays Mortgage Loan Trust 2021-NQM1                                      | CUSIP: 06744UAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2627933 | PA      | $2441804.51    | 0.06%             | 2051-09-25      | Variable      | 2.19%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR2                                | CUSIP: 07401TAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5383609 | PA      | $4870380.98    | 0.12%             | 2037-03-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR4                                | CUSIP: 07401YAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2307833 | PA      | $2175685.58    | 0.06%             | 2037-04-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20109991 | PA      | $20980753.61   | 0.53%             | 2030-01-15      | Variable      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $8308800.00    | 0.21%             | 2030-01-15      | Variable      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7373000 | PA      | $7672343.80    | 0.19%             | 2030-01-15      | Variable      | 8.89%                 | Yes           |                  2 | On Loan: No      |
| Bhms Mortgage Trust                                                   | BHMS Commercial Mortgage Trust 2025-ATLS                                    | CUSIP: 088928AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12028000 | PA      | $12088140.00   | 0.31%             | 2027-08-15      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Bluepeak Abs Issuer                                                   | Bluepeak ABS Issuer LLC                                                     | CUSIP: 09631QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10172000.00   | 0.26%             | 2055-12-20      | Fixed         | 5.86%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2026-NQM1                                                | CUSIP: 00040DAJ2<br>LEI: 984500FEB1BEC4C6Y473 | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2664860.04    | 0.07%             | 2030-01-25      | Variable      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2025-12                                          | CUSIP: 92490FAP5<br>LEI: 2138009XAW9T934GL239 | Long             | ABS-MBS          | CORP              | US        |    3642000 | PA      | $3654594.40    | 0.09%             | 2070-12-25      | Variable      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Boston Lending Trust 2022-1                                           | Boston Lending Trust 2022-1                                                 | CUSIP: 10084LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2788632 | PA      | $2614342.47    | 0.07%             | 2027-02-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM2                                   | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3685214 | PA      | $3635886.72    | 0.09%             | 2060-03-25      | Variable      | 0.97%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM1                                   | CUSIP: 10569TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1753632 | PA      | $1652434.64    | 0.04%             | 2049-02-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM1                                   | CUSIP: 10569TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     559457 | PA      | $529718.41     | 0.01%             | 2049-02-25      | Variable      | 1.33%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-2 LLC                                          | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6264344 | PA      | $6273114.32    | 0.16%             | 2030-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-2 LLC                                          | CUSIP: 12326TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2036420 | PA      | $2042936.57    | 0.05%             | 2030-09-15      | Fixed         | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-1 LLC                                          | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6535349 | PA      | $6764739.36    | 0.17%             | 2030-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-1 LLC                                          | CUSIP: 12327CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1026067 | PA      | $1046588.05    | 0.03%             | 2030-05-15      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-LGCY                                                          | CUSIP: 12434DAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $599040.00     | 0.02%             | 2036-10-15      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-RISE                                                          | CUSIP: 12434EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1859724 | PA      | $1858422.21    | 0.05%             | 2036-11-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-RISE                                                          | CUSIP: 12434EAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14894487 | PA      | $14922786.92   | 0.38%             | 2036-11-15      | Floating      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending 2019-CF2                              | CUSIP: 12528YBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4988052 | PA      | $4518676.31    | 0.11%             | 2029-09-15      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending 2019-CF1                              | CUSIP: 12529MDH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4600000 | PA      | $29900.00      | 0.00%             | 2052-05-15      | Variable      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust 2021-FRR1                                    | CUSIP: 12529YBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24870000 | PA      | $23487228.00   | 0.60%             | 2029-09-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-4                                                 | CUSIP: 12569QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3722475 | PA      | $3757424.89    | 0.10%             | 2058-09-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2020-FACT                                                        | Credit Suisse Commercial Mortgage Trust 2020-FACT E                         | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1745000 | PA      | $1619883.50    | 0.04%             | 2025-10-15      | Floating      | 9.23%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2020-FACT                                                              | CUSIP: 126395AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4817000.00    | 0.12%             | 2037-10-15      | Floating      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM3                                                              | CUSIP: 12660LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3291510 | PA      | $2894738.62    | 0.07%             | 2066-04-25      | Variable      | 1.01%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM3                                                              | CUSIP: 12660LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1078503 | PA      | $964203.12     | 0.02%             | 2066-04-25      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2021-NQM2                                                              | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5179919 | PA      | $4658517.23    | 0.12%             | 2066-02-25      | Variable      | 1.18%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-6CB                                             | CUSIP: 12668BSF1<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-MBS          | CORP              | US        |    9913200 | PA      | $2693064.45    | 0.07%             | 2036-05-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Castle Hill Ingots Ltd                                                | CSTL Commercial Mortgage Trust 2025-GATE2                                   | CUSIP: 12676JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4504500.00    | 0.11%             | 2042-11-10      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Cribs Mortgage Trust 2025-rtl1                                        | Cribs Mortgage Trust 2025-RTL1                                              | CUSIP: 12704NAA1<br>LEI: 254900Y2C40FXLSY2W87 | Long             | ABS-MBS          | CORP              | US        |    3350000 | PA      | $3379858.22    | 0.09%             | 2040-05-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Cribs Mortgage Trust 2025-rtl1                                        | Cribs Mortgage Trust 2025-RTL1                                              | CUSIP: 12704NAB9<br>LEI: 254900Y2C40FXLSY2W87 | Long             | ABS-MBS          | CORP              | US        |    5850000 | PA      | $5905005.21    | 0.15%             | 2040-05-25      | Variable      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2730000 | PA      | $2734368.00    | 0.07%             | 2026-07-15      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8900000 | PA      | $8956960.00    | 0.23%             | 2026-07-15      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Mortgage Trust                                               | Cardinal Mortgage Trust 2025-RTL1                                           | CUSIP: 14151BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20000000 | PA      | $20031082.00   | 0.51%             | 2028-05-25      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Cardinal Mortgage Trust                                               | Cardinal Mortgage Trust 2025-RTL1                                           | CUSIP: 14151BAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3004607.10    | 0.08%             | 2028-05-25      | Fixed         | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2019-1A                                | CUSIP: 14855MAA6<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |    2691666 | PA      | $2679284.04    | 0.07%             | 2026-04-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2019-1A                                | CUSIP: 14855MAB4<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |    2422091 | PA      | $2325449.69    | 0.06%             | 2026-04-15      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2025-2                                 | CUSIP: 14855XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7203536 | PA      | $7284215.46    | 0.18%             | 2032-08-15      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust                                  | Castlelake Aircraft Securitization Trust 2018-1                             | CUSIP: 14856CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4334216 | PA      | $4270069.12    | 0.11%             | 2043-06-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2017-1R                                | CUSIP: 14856JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11458813 | PA      | $11184947.30   | 0.28%             | 2041-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2024-RTL1            | CUSIP: 15169CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10526000 | PA      | $10693983.38   | 0.27%             | 2027-05-25      | Fixed         | 8.34%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2026-RTL1            | CUSIP: 151704AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   25000000 | PA      | $25028992.50   | 0.64%             | 2028-07-25      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2026-RTL1            | CUSIP: 151704AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3003595.50    | 0.08%             | 2028-07-25      | Fixed         | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2026-RTL1            | CUSIP: 151704AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1900000 | PA      | $1902211.79    | 0.05%             | 2028-07-25      | Fixed         | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-2                                                 | CUSIP: 169926AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     574997 | PA      | $575516.78     | 0.01%             | 2027-05-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-3                                                 | CUSIP: 17030AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2417510 | PA      | $2427071.25    | 0.06%             | 2027-06-25      | Variable      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust 2022-1                                           | CHNGE Mortgage Trust 2022-1                                                 | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7424368 | PA      | $7196910.82    | 0.18%             | 2067-01-25      | Variable      | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Cim Trust                                                             | CIM Trust 2025-NR1                                                          | CUSIP: 17181YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18344253 | PA      | $18050603.31   | 0.46%             | 2064-06-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust 2023-SMRT                               | CUSIP: 17291NAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9500000 | PA      | $9377450.00    | 0.24%             | 2040-10-12      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust 2020-420K                               | CUSIP: 17328QAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5300000 | PA      | $4637500.00    | 0.12%             | 2042-11-10      | Variable      | 3.31%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                     | Citigroup Mortgage Loan Trust 2025-LTV1                                     | CUSIP: 17332XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9171046 | PA      | $9259012.47    | 0.24%             | 2055-12-25      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Clicklease Equipment Receivables 2024-1 Trust                         | ClickLease Equipment Receivables 2024-1 Trust                               | CUSIP: 18682FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4544921 | PA      | $4592642.28    | 0.12%             | 2027-02-15      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2021-1RMortgage Pass-Through Certificates                              | CUSIP: 19688BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2007269 | PA      | $1868874.39    | 0.05%             | 2065-05-25      | Variable      | 1.42%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust 2006-Hy12                                      | Countrywide Alternative Loan                                                | CUSIP: 02151HAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6428302 | PA      | $2658466.83    | 0.07%             | 2037-08-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross 2025-H10 Mortgage Trust                                               | CUSIP: 22758YAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5303000 | PA      | $5306938.01    | 0.13%             | 2071-01-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross Mortgage Trust                                                        | CUSIP: 22757WAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4278944 | PA      | $4309649.80    | 0.11%             | 2060-11-25      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross 2023-H1 Mortgage Trust                                                | CUSIP: 22758CAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3012947.70    | 0.08%             | 2068-03-25      | Variable      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross 2024-H6 Mortgage Trust                                                | CUSIP: 227919AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1079000 | PA      | $1082630.19    | 0.03%             | 2069-09-25      | Variable      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Castle Hill Ingots Ltd                                                | CSTL Commercial Mortgage Trust 2026-GATE3                                   | CUSIP: 228920AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4007200.00    | 0.10%             | 2031-02-10      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Dsla Mortgage Loan Trust                                              | DSLA Mortgage Loan Trust 2006-AR2                                           | CUSIP: 23332QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18194268 | PA      | $12395864.09   | 0.31%             | 2036-10-19      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| Dtp Commercial Mortgage Trust                                         | DTP Commercial Mortgage Trust 2023-STE2                                     | CUSIP: 23346GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     360000 | PA      | $369864.00     | 0.01%             | 2029-01-15      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Dc Commercial Mortgage Trust                                          | DC Trust 2024-HLTN                                                          | CUSIP: 24022FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2439000 | PA      | $2461926.60    | 0.06%             | 2028-04-13      | Variable      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-1                                 | CUSIP: 24380VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1085410 | PA      | $1055738.35    | 0.03%             | 2065-05-25      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2025-CES1                              | CUSIP: 24380WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8910543 | PA      | $8943073.95    | 0.23%             | 2055-10-25      | Variable      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-3                                 | CUSIP: 24381VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2672441 | PA      | $2367256.16    | 0.06%             | 2066-08-25      | Variable      | 1.19%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-2                                 | CUSIP: 24381WAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1331492 | PA      | $1203717.99    | 0.03%             | 2066-04-25      | Variable      | 1.21%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2021-RTL1                                           | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5930219 | PA      | $5905458.69    | 0.15%             | 2027-07-25      | Fixed         | 3.49%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2021-RTL1                                           | CUSIP: 257463AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $3412893.05    | 0.09%             | 2027-07-25      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trust                                       | Easy Street Mortgage Loan Trust 2025-RTL2                                   | CUSIP: 27786YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14000000 | PA      | $14024920.00   | 0.36%             | 2040-10-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Easy Street Mortgage Loan Trust                                       | Easy Street Mortgage Loan Trust 2025-RTL2                                   | CUSIP: 27786YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3600000 | PA      | $3605661.72    | 0.09%             | 2040-10-25      | Variable      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Elp Commercial Mortgage Trust                                         | ELP Commercial Mortgage Trust 2025-ELP                                      | CUSIP: 290154AJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10182000.00   | 0.26%             | 2042-11-13      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2024-CNYN                                                          | CUSIP: 05612HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4320054 | PA      | $4340357.87    | 0.11%             | 2041-04-15      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2026-ESH2                                       | CUSIP: 30227WAJ2<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2719710.00    | 0.07%             | 2031-02-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2025-ESH                                        | CUSIP: 30227TAG5<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |   11400000 | PA      | $11508300.00   | 0.29%             | 2042-10-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2025-ESH                                        | CUSIP: 30227TAJ9<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |   15290000 | PA      | $15470422.00   | 0.39%             | 2042-10-15      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB74 Mortgage Trust                                              | CUSIP: 30291SAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18479057 | PA      | $572850.76     | 0.01%             | 2030-03-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2018-K156 Mortgage Trust                                              | CUSIP: 302957AS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6449682 | PA      | $3515721.66    | 0.09%             | 2033-07-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2018-KF49 Mortgage Trust                                              | CUSIP: 30307PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4000742 | PA      | $3977137.86    | 0.10%             | 2025-06-25      | Floating      | 9.90%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2019-KL05 Mortgage Trust                                              | CUSIP: 30311NAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   28878000 | PA      | $25103645.40   | 0.64%             | 2029-06-25      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2019-SB66 Mortgage Trust                                              | CUSIP: 30312BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   25512216 | PA      | $609573.58     | 0.02%             | 2029-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB79 Mortgage Trust                                              | CUSIP: 30316VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14000946 | PA      | $489592.08     | 0.01%             | 2040-07-25      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB80 Mortgage Trust                                              | CUSIP: 30316XAK9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   46871235 | PA      | $2006913.81    | 0.05%             | 2030-09-25      | Variable      | 0.15%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB81 Mortgage Trust                                              | CUSIP: 30317QAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   17111455 | PA      | $633987.96     | 0.02%             | 2040-10-25      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB82 Mortgage Trust                                              | CUSIP: 30318CAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   32177612 | PA      | $668032.98     | 0.02%             | 2040-10-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB83 Mortgage Trust                                              | CUSIP: 30318NAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   20123939 | PA      | $545692.80     | 0.01%             | 2041-01-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB84 Mortgage Trust                                              | CUSIP: 30320WAR0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   24295986 | PA      | $576784.27     | 0.01%             | 2031-01-25      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Fs Commerical Mortgage Trust 2023-4szn                                | FS Commercial Mortgage Trust 2023-4SZN                                      | CUSIP: 30334RAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15740000 | PA      | $16174424.00   | 0.41%             | 2039-11-10      | Variable      | 10.42%                | Yes           |                  2 | On Loan: No      |
| Fs Trust                                                              | FS Trust 2024-HULA                                                          | CUSIP: 30338DAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4400000 | PA      | $4422440.00    | 0.11%             | 2026-08-15      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Fs Trust                                                              | FS Trust 2024-HULA                                                          | CUSIP: 30338DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5025000.00    | 0.13%             | 2026-08-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Falcon Aerospace Ltd                                                  | Falcon 2019-1 Aerospace, Ltd.                                               | CUSIP: 30610GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     417120 | PA      | $409069.62     | 0.01%             | 2026-09-15      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Royalty I, Llc                                             | FAT Brands Royalty LLC                                                      | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3840000 | PA      | $3648000.00    | 0.09%             | 2026-07-25      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   23570880 | PA      | $22392336.00   | 0.57%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8808000 | PA      | $4580160.01    | 0.12%             | 2051-07-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2400000 | PA      | $2280000.00    | 0.06%             | 2026-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Fazoli's Native I, Llc                                     | FAT Brands Fazoli's Native I LLC                                            | CUSIP: 31200BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1930000 | PA      | $386000.00     | 0.01%             | 2051-07-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9JK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6840000 | PA      | $1601244.00    | 0.04%             | 2054-11-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9PE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19488345 | PA      | $4971476.81    | 0.13%             | 2033-01-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9UG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   11437000 | PA      | $3200072.60    | 0.08%             | 2033-01-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137HBPA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8700000 | PA      | $3108510.00    | 0.08%             | 2034-01-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                    | Ellington Financial Mortgage Trust 2021-3                                   | CUSIP: 31573JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3713840 | PA      | $3148834.28    | 0.08%             | 2066-09-25      | Variable      | 1.24%                 | Yes           |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                    | Ellington Financial Mortgage Trust 2021-3                                   | CUSIP: 31573JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     891918 | PA      | $764386.57     | 0.02%             | 2066-09-25      | Variable      | 1.55%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL2                                            | CUSIP: 31575JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $8038947.20    | 0.20%             | 2027-08-25      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL2                                            | CUSIP: 31575JAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2250000 | PA      | $2262597.53    | 0.06%             | 2027-08-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL1                                            | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1750000 | PA      | $1761927.48    | 0.04%             | 2040-02-27      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Communications Llc, Fidium Fiber Finance Holdco Llc      | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC             | CUSIP: 315961AA0<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10115000.00   | 0.26%             | 2055-12-20      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Consolidated Communications Llc, Fidium Fiber Finance Holdco Llc      | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC             | CUSIP: 315961AE2<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5164000.00    | 0.13%             | 2055-12-20      | Fixed         | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE3                                                        | CUSIP: 31684LAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2555076 | PA      | $2585515.38    | 0.07%             | 2055-05-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE3                                                        | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1490461 | PA      | $1508070.05    | 0.04%             | 2055-05-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE5                                                        | CUSIP: 31684MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4496636 | PA      | $4537408.86    | 0.12%             | 2055-08-25      | Variable      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE5                                                        | CUSIP: 31684MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8993271 | PA      | $9064778.54    | 0.23%             | 2055-08-25      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE6                                                        | CUSIP: 31684NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   16236292 | PA      | $16294132.65   | 0.41%             | 2055-09-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4323414 | PA      | $4379903.47    | 0.11%             | 2055-07-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3026390 | PA      | $3048465.31    | 0.08%             | 2055-07-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-FL1                                                        | CUSIP: 31684QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5076143 | PA      | $5114761.10    | 0.13%             | 2055-07-25      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-FL1                                                        | CUSIP: 31684QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5710661 | PA      | $5760001.92    | 0.15%             | 2055-07-25      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2024238.00    | 0.05%             | 2054-09-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1017036.00    | 0.03%             | 2054-09-25      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6967971 | PA      | $6982141.36    | 0.18%             | 2055-10-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2322657 | PA      | $2323936.43    | 0.06%             | 2055-10-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2136845 | PA      | $2131835.14    | 0.05%             | 2055-10-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF2                                                        | CUSIP: 316918AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2100000 | PA      | $2115453.06    | 0.05%             | 2055-10-25      | Variable      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2476628 | PA      | $2533587.21    | 0.06%             | 2055-06-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3265021 | PA      | $3335039.62    | 0.08%             | 2055-06-25      | Variable      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAC0<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |    1600000 | PA      | $1612206.72    | 0.04%             | 2040-05-25      | Variable      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Flexential Issuer, Llc                                                | Flexential Issuer 2021-1                                                    | CUSIP: 33938MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7934000 | PA      | $7762625.60    | 0.20%             | 2051-11-27      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Flexential Issuer, Llc                                                | Flexential Issuer LLC                                                       | CUSIP: 33938MAM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12511000 | PA      | $12613590.20   | 0.32%             | 2060-10-25      | Fixed         | 6.46%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | Pret 2025-NPL7 LLC                                                          | CUSIP: 740934AB0<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $8035324.80    | 0.20%             | 2028-07-25      | Fixed         | 8.35%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn1                                                  | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $2055200.00    | 0.05%             | 2051-01-25      | Floating      | 7.45%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn7                                                  | CUSIP: 35563QAB3<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |    2300000 | PA      | $2475950.00    | 0.06%             | 2033-04-25      | Floating      | 9.40%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAA3<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |   10026797 | PA      | $10124057.22   | 0.26%             | 2029-05-25      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    2300000 | PA      | $2412470.00    | 0.06%             | 2033-06-25      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn9                                                  | CUSIP: 355917AB1<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $2543250.00    | 0.06%             | 2044-10-25      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Freedom Financial                                                     | FREED ABS Trust 2022-4FP                                                    | CUSIP: 35634JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1280728 | PA      | $1286363.30    | 0.03%             | 2029-12-18      | Fixed         | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2022-SB95 Mortgage Trust                                              | CUSIP: 35802DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  105574726 | PA      | $1346447.26    | 0.03%             | 2041-11-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT2021-NQM4 Trust                                                         | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     508740 | PA      | $431439.62     | 0.01%             | 2066-08-25      | Variable      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| Gkn Sub Ctl Pt Trust Aub                                              | GKN Subordinated CTL Pass-Through Trust/Auburn MI                           | CUSIP: 36175XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7076849 | PA      | $4713181.43    | 0.12%             | 2030-03-15      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust                                         | CUSIP: 36262EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $846542.70     | 0.02%             | 2061-07-25      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-LTV2                               | CUSIP: 36266PAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13828498 | PA      | $11626201.90   | 0.30%             | 2052-07-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-GR2                                | CUSIP: 36267BAB3<br>LEI: 5493001UQE7OCP3UT106 | Long             | ABS-MBS          | CORP              | US        |   20590972 | PA      | $18056513.97   | 0.46%             | 2052-08-26      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-PJ6                                | CUSIP: 36267JAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19883074 | PA      | $17386040.44   | 0.44%             | 2042-03-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage Securities Trust                                          | GS Mortgage Securities Corp. II                                             | CUSIP: 36269JAE8<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    1045000 | PA      | $1056077.00    | 0.03%             | 2029-03-10      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-NQM2                               | CUSIP: 36272EAA2<br>LEI: 254900WJFO182DZH8M35 | Long             | ABS-MBS          | CORP              | US        |    9782205 | PA      | $9918314.85    | 0.25%             | 2029-06-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-NQM2                               | CUSIP: 36272EAC8<br>LEI: 254900WJFO182DZH8M35 | Long             | ABS-MBS          | CORP              | US        |    9001259 | PA      | $9118456.48    | 0.23%             | 2029-06-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAE0<br>LEI: 254900Y4XCLF0D6VBG48 | Long             | ABS-MBS          | CORP              | US        |   14624688 | PA      | $14741596.24   | 0.37%             | 2066-01-25      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAF7<br>LEI: 254900Y4XCLF0D6VBG48 | Long             | ABS-MBS          | CORP              | US        |    3856000 | PA      | $3848095.97    | 0.10%             | 2066-01-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-DSC2                               | CUSIP: 36275JAG5<br>LEI: 254900Y4XCLF0D6VBG48 | Long             | ABS-MBS          | CORP              | US        |    5339000 | PA      | $5327474.70    | 0.14%             | 2066-01-25      | Variable      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2026-CES1                               | CUSIP: 36277LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5004345.00    | 0.13%             | 2056-05-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT 2025-NQM6 Trust                                                        | CUSIP: 36831QAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4206500 | PA      | $4186276.41    | 0.11%             | 2070-10-25      | Variable      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                              | Government National Mortgage Association                                    | CUSIP: 38380JNU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   66953270 | PA      | $2423708.37    | 0.06%             | 2059-03-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                              | Arbor Realty Trust                                                          | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |      99092 | NS      | $2216688.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT WOLF TRUST 2024-WOLF                                            | Great Wolf Trust 2024-WOLF                                                  | CUSIP: 39152MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24100000 | PA      | $24275930.00   | 0.62%             | 2039-03-15      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| Great Wolf Trust                                                      | Great Wolf Trust 2024-WOLF                                                  | CUSIP: 39152MAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7600000 | PA      | $7651680.00    | 0.19%             | 2029-03-15      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL1 LLC                                                          | CUSIP: 69383TAA6<br>LEI: 2549002NGM9N1GT2FK83 | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10002924.00   | 0.25%             | 2056-01-25      | Variable      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL1 LLC                                                          | CUSIP: 69383TAB4<br>LEI: 2549002NGM9N1GT2FK83 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2998683.00    | 0.08%             | 2056-01-25      | Variable      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Hltn Commercial Mortgage Trust 2024-dplo                              | HLTN Commercial Mortgage Trust 2024-DPLO                                    | CUSIP: 40424UAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3076000 | PA      | $3089226.80    | 0.08%             | 2026-06-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Hltn Commercial Mortgage Trust 2024-dplo                              | HLTN Commercial Mortgage Trust 2024-DPLO                                    | CUSIP: 40424UAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   21000000 | PA      | $21153300.00   | 0.54%             | 2026-06-15      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Hsi Asset Securitization Corporation Trust                            | HSI Asset Securitization Corp. Trust 2007-NC1                               | CUSIP: 40430TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4112273 | PA      | $2661054.56    | 0.07%             | 2037-04-25      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| Harborview Mortgage Loan Trust                                        | HarborView Mortgage Loan Trust 2006-4                                       | CUSIP: 41161PP98<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14749460 | PA      | $7480812.34    | 0.19%             | 2046-05-19      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing Llc                                           | Hertz Vehicle Financing III LP                                              | CUSIP: 42806MAH2<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $4940500.00    | 0.13%             | 2027-12-27      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10025000.00   | 0.25%             | 2027-07-15      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5048000.00    | 0.13%             | 2027-07-15      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13200000 | PA      | $13325400.00   | 0.34%             | 2027-07-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust 2016-HHV                                                   | CUSIP: 43300LAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6500000 | PA      | $6426550.00    | 0.16%             | 2038-11-05      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust 2016-HHV                                                   | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $9805000.00    | 0.25%             | 2038-11-05      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited                                    | Horizon Aircraft Finance I, Ltd.                                            | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2051827 | PA      | $2048133.72    | 0.05%             | 2038-12-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited                                    | Horizon Aircraft Finance II, Ltd.                                           | CUSIP: 44040HAA0<br>LEI: 549300KSCDSEIWTVMM32 | Long             | ABS-O            | CORP              | KY        |     528658 | PA      | $522472.64     | 0.01%             | 2026-07-15      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Limited                                    | Horizon Aircraft Finance III, Ltd.                                          | CUSIP: 44040JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    2958601 | PA      | $2885523.99    | 0.07%             | 2039-11-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $4225775.00    | 0.11%             | 2034-08-05      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Hyt Commercial Mortgage Trust 2024-rgcy                               | HYT Commercial Mortgage Trust 2024-RGCY                                     | CUSIP: 449173AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12900000 | PA      | $12965790.00   | 0.33%             | 2026-09-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Imperial Fund Llc                                                     | Imperial Fund Mortgage Trust 2020-NQM1                                      | CUSIP: 452760AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3230576 | PA      | $3120720.58    | 0.08%             | 2055-10-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Imperial Fund Llc                                                     | Imperial Fund Mortgage Trust 2023-NQM1                                      | CUSIP: 45290BAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4487912.10    | 0.11%             | 2068-02-25      | Variable      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10067000.00   | 0.26%             | 2027-03-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   28000000 | PA      | $28204400.00   | 0.72%             | 2027-03-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15000000 | PA      | $15129000.00   | 0.38%             | 2027-03-15      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                                        | Chase Auto Credit Linked Notes Series 2025-1                                | CUSIP: 46591HCX6<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |     926310 | PA      | $938815.20     | 0.02%             | 2029-04-25      | Fixed         | 10.42%                | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust 2024-7                                             | CUSIP: 465971AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13529566 | PA      | $11830443.24   | 0.30%             | 2053-04-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP             | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14558762 | PA      | $14338924.45   | 0.36%             | 2027-04-15      | Floating      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP             | CUSIP: 466317AL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6171036 | PA      | $6072299.85    | 0.15%             | 2027-04-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12             | CUSIP: 46632HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2069698 | PA      | $2068249.04    | 0.05%             | 2051-02-15      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Jp Morgan Reremic                                                     | JP Morgan Resecuritization Trust Series 2015-1                              | CUSIP: 46644BAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7748945 | PA      | $7282692.92    | 0.18%             | 2036-09-27      | Variable      | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5            | CUSIP: 46649WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3040000 | PA      | $3042432.00    | 0.08%             | 2030-03-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | J.P. Morgan Mortgage Trust 2022-6                                           | CUSIP: 46655KAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11261934 | PA      | $9847593.45    | 0.25%             | 2042-07-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Jw Commercial Mortgage Trust 2024-mrco                                | JW Commercial Mortgage Trust 2024-MRCO                                      | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10042000.00   | 0.25%             | 2026-06-15      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust Series 2025-NQM4                                   | CUSIP: 46660HAK2<br>LEI: 529900AW45JIN41HJ284 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1496980.50    | 0.04%             | 2066-03-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust Series 2025-NQM5                                   | CUSIP: 46664DAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2742000 | PA      | $2738051.52    | 0.07%             | 2065-05-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Jpmorgan Chase Bank, Na - Cacln                                       | J.P. Morgan Chase Bank NA - Chase Auto Credit Linked Notes                  | CUSIP: 48128U2S7<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |      22432 | PA      | $22448.14      | 0.00%             | 2028-12-26      | Fixed         | 8.48%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JPMCC Multifamily Housing Mortgage Loan Trust 2025-Q032                     | CUSIP: 48129YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8917245 | PA      | $8762976.30    | 0.22%             | 2054-09-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | Pret 2025-NPL7 LLC                                                          | CUSIP: 740934AA2<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |   13924676 | PA      | $13949397.65   | 0.35%             | 2028-07-25      | Fixed         | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Vontive Mortgage Trust 2025-rtl1                                      | Vontive Mortgage Trust 2025-RTL1                                            | CUSIP: 928884AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $8125434.40    | 0.21%             | 2027-03-25      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.7395% 01/22/34                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $5432.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL4                                              | CUSIP: 50204VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11885408 | PA      | $11903148.46   | 0.30%             | 2026-06-25      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10190000 | PA      | $10201248.74   | 0.26%             | 2029-01-25      | Fixed         | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6012201.60    | 0.15%             | 2029-01-25      | Fixed         | 9.16%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10636000 | PA      | $10719955.27   | 0.27%             | 2029-05-25      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10500000 | PA      | $10621872.45   | 0.27%             | 2029-05-25      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $1260457.00    | 0.03%             | 2029-05-25      | Fixed         | 10.73%                | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18306000 | PA      | $18412650.76   | 0.47%             | 2029-03-25      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4100000 | PA      | $4137651.94    | 0.11%             | 2029-03-25      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6047929.80    | 0.15%             | 2040-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Lqr Trust                                                             | LQR Trust 2025-CALI                                                         | CUSIP: 50216WAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $1250000.00    | 0.03%             | 2028-01-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Lstr Trust                                                            | LSTR Trust 2026-HTL6                                                        | CUSIP: 50220QAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2628000 | PA      | $2628000.00    | 0.07%             | 2040-12-15      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust          | CUSIP: 524947AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5401000 | PA      | $5458250.60    | 0.14%             | 2039-11-05      | Fixed         | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust          | CUSIP: 524947AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9140000 | PA      | $9235056.00    | 0.23%             | 2039-11-05      | Fixed         | 8.76%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-7                                                | CUSIP: 52520QAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   34354669 | PA      | $3950233.86    | 0.10%             | 2036-11-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2007-2                                                | CUSIP: 52521DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   25019814 | PA      | $4533342.56    | 0.12%             | 2037-02-25      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-9                                                | CUSIP: 52521HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1587691 | PA      | $829899.53     | 0.02%             | 2037-01-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2902478 | PA      | $2672298.85    | 0.07%             | 2037-05-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6156267 | PA      | $5730559.33    | 0.15%             | 2037-05-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint 2021-B Asset Securitization Trust                              | CUSIP: 52607HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $785400.00     | 0.02%             | 2029-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-INV2 Trust                                                         | CUSIP: 552732AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2104284 | PA      | $1935815.13    | 0.05%             | 2056-11-25      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| Massage Envy                                                          | ME Funding LLC                                                              | CUSIP: 55282GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10216975 | PA      | $10293601.87   | 0.26%             | 2027-04-30      | Fixed         | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-NQM1 Trust                                                         | CUSIP: 55283FAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1160967 | PA      | $1101481.13    | 0.03%             | 2065-04-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2021-NQM1 Trust                                                         | CUSIP: 55283FAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2378425 | PA      | $2262341.65    | 0.06%             | 2065-04-25      | Variable      | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Mrcd Mortgage Trust                                                   | MRCD 2019-MARK Mortgage Trust                                               | CUSIP: 55348UAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8944000 | PA      | $4922680.11    | 0.12%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                       | MAC Trust 2025-801B                                                         | CUSIP: 553918AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20500000 | PA      | $20551250.00   | 0.52%             | 2040-10-15      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                       | MAC Trust 2025-801B                                                         | CUSIP: 553918AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12200000 | PA      | $12230500.00   | 0.31%             | 2040-10-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Citicorp Homeowners Mortgage Acceptance Corp. 1                       | MAC Trust 2025-801B                                                         | CUSIP: 553918AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6700000 | PA      | $6724790.00    | 0.17%             | 2040-10-15      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Madison Avenue Trust                                                  | MAD Commercial Mortgage Trust 2025-11MD                                     | CUSIP: 55616AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14469000 | PA      | $14730888.90   | 0.37%             | 2042-10-15      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust 2024-1                                               | CUSIP: 57108VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5300000 | PA      | $5370490.00    | 0.14%             | 2034-07-17      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust 2024-1                                               | CUSIP: 57108VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3750000 | PA      | $3865500.00    | 0.10%             | 2034-07-17      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2025-NQM3 Trust                                                         | CUSIP: 58004LAC1<br>LEI: 2549007EHG79GWD49I44 | Long             | ABS-MBS          | CORP              | US        |   14170462 | PA      | $14308577.16   | 0.36%             | 2070-08-25      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                                    | MCR 2024-TWA Mortgage Trust                                                 | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   25695000 | PA      | $25959658.50   | 0.66%             | 2027-06-12      | Fixed         | 8.72%                 | Yes           |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                               | Mello Mortgage Capital Acceptance 2022-INV2                                 | CUSIP: 58549JAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6252793 | PA      | $5483162.38    | 0.14%             | 2052-04-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust                               | Mello Mortgage Capital Acceptance 2021-INV1                                 | CUSIP: 58549KAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11105961 | PA      | $9337250.38    | 0.24%             | 2043-05-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Merchants Bank Of Indiana Multifamily Housing Mortgage Loan Trust     | Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust 2024-Q025 | CUSIP: 58849RAC7<br>LEI: 549300WRDGBHKR1BXL98 | Long             | ABS-MBS          | CORP              | US        |   15239488 | PA      | $15327876.73   | 0.39%             | 2030-12-25      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Alternative Note Asset                                  | Merrill Lynch Alternative Note Asset Trust Series 2007-AF1                  | CUSIP: 59024KAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15921239 | PA      | $2281938.70    | 0.06%             | 2037-05-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-RTL3 Trust                                                         | CUSIP: 59319PAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1600000 | PA      | $1611563.83    | 0.04%             | 2028-05-25      | Variable      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2022-PJ5                                | CUSIP: 362925AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7568616 | PA      | $6618104.60    | 0.17%             | 2043-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2016033 | PA      | $2039494.27    | 0.05%             | 2029-07-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8                    | CUSIP: 61779QAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3788088 | PA      | $3801326.67    | 0.10%             | 2070-09-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8                    | CUSIP: 61779QAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4735111 | PA      | $4763787.33    | 0.12%             | 2070-09-25      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Mtn Commercial Mortgage Trust 2022-lpfl                               | MTN Commercial Mortgage Trust 2022-LPFL                                     | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5018000.00    | 0.13%             | 2027-03-15      | Floating      | 8.98%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities                                   | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |    1430272 | PA      | $1448150.60    | 0.04%             | 2049-10-25      | Floating      | 7.06%                 | Yes           |                  2 | On Loan: No      |
| Hold For Cs                                                           | Multifamily Connecticut Avenue Securities Trust 2023-01                     | CUSIP: 62548NAB4<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5717000.00    | 0.15%             | 2032-02-25      | Floating      | 10.20%                | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust 2020-01               | Multifamily Connecticut Avenue Securities 2020-01                           | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   11591854 | PA      | $11865421.49   | 0.30%             | 2050-03-25      | Floating      | 7.56%                 | Yes           |                  2 | On Loan: No      |
| Hold For Cs                                                           | Multifamily Connecticut Avenue Securities Trust 2024-01                     | CUSIP: 62548RAB5<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1470560.00    | 0.04%             | 2054-07-25      | Floating      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| Nyc Commercial Mortgage Trust 2021-909                                | NYC Commercial Mortgage Trust 2026-1PARK                                    | CUSIP: 62979QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5000000.00    | 0.13%             | 2028-02-15      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Nyc Commercial Mortgage Trust 2021-909                                | NYC Commercial Mortgage Trust 2026-1PARK                                    | CUSIP: 62979QAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4000000.00    | 0.10%             | 2028-02-15      | Floating      | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd                                                | Navigator 2024-1 Aviation, Ltd.                                             | CUSIP: 63943DAB5<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    1797619 | PA      | $1840042.81    | 0.05%             | 2031-08-15      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp                                                    | Rithm Capital Corp.                                                         | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      78637 | NS      | $1939974.79    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Resecuritization Trust                                         | Nomura Resecuritization Trust 2014-8R                                       | CUSIP: 65540QAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1860365 | PA      | $1817896.64    | 0.05%             | 2036-10-26      | Variable      | 4.58%                 | Yes           |                  2 | On Loan: No      |
| Orl Trust                                                             | ORL Trust 2024-GLKS                                                         | CUSIP: 67120DAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1515000 | PA      | $1521363.00    | 0.04%             | 2039-12-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial Llc                                              | OBX 2023-INV1                                                               | CUSIP: 67448KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18212221 | PA      | $15970553.76   | 0.41%             | 2052-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial Llc                                              | OBX 2020-EXP2 Trust                                                         | CUSIP: 67448VAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8904992 | PA      | $7541454.61    | 0.19%             | 2060-05-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| 1345 Trust                                                            | 1345T 2025-AOA                                                              | CUSIP: 68271CAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3250000 | PA      | $3268525.00    | 0.08%             | 2027-06-15      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2021-AFC1 Trust                                                       | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10358321 | PA      | $8869868.58    | 0.23%             | 2056-08-25      | Variable      | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-2 LLC                                                             | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6241859 | PA      | $6240558.67    | 0.16%             | 2030-05-25      | Variable      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Pga National Resort Commercial Mortgage Trust                         | PGA Trust 2024-RSR2                                                         | CUSIP: 69381CAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4910000 | PA      | $4911473.00    | 0.12%             | 2026-06-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Pga National Resort Commercial Mortgage Trust                         | PGA Trust 2024-RSR2                                                         | CUSIP: 69381CAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2000600.00    | 0.05%             | 2026-06-15      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | Pret 2025-NPL11 LLC                                                         | CUSIP: 69383AAB5<br>LEI: 254900OU85YCZAPWVR73 | Long             | ABS-MBS          | CORP              | US        |    3900000 | PA      | $3891211.74    | 0.10%             | 2055-10-25      | Fixed         | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAA8<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |   19113887 | PA      | $19154347.69   | 0.49%             | 2028-07-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAB6<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |    7850000 | PA      | $7869457.80    | 0.20%             | 2028-07-25      | Variable      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14296095 | PA      | $14275434.73   | 0.36%             | 2028-07-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4072000 | PA      | $4075647.70    | 0.10%             | 2028-07-25      | Variable      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2026-NPL2 LLC                                                          | CUSIP: 69393DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3999940.40    | 0.10%             | 2029-01-25      | Fixed         | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18257816 | PA      | $18244615.71   | 0.46%             | 2028-08-25      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4400000 | PA      | $4405426.08    | 0.11%             | 2028-08-25      | Variable      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2023-AFC1 Trust                                                       | CUSIP: 693981AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     802156 | PA      | $800845.55     | 0.02%             | 2027-02-25      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-2                                                 | CUSIP: 694961AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5977577 | PA      | $5984750.25    | 0.15%             | 2031-08-15      | Fixed         | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-2                                                 | CUSIP: 694961AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1269231 | PA      | $1269993.03    | 0.03%             | 2031-08-15      | Variable      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-8                                         | CUSIP: 69544QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1907852 | PA      | $1912812.02    | 0.05%             | 2032-01-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-8                                         | CUSIP: 69544QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9642319 | PA      | $9704993.75    | 0.25%             | 2032-01-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Selection Trust                                              | CUSIP: 69545AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7916177 | PA      | $7977922.88    | 0.20%             | 2031-12-15      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya Ai Debt Trust 2025-R1                                                | CUSIP: 69547CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4250000 | PA      | $4282300.00    | 0.11%             | 2032-06-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2025-4                                                 | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9999645 | PA      | $10090641.37   | 0.26%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-3                                                 | CUSIP: 69547XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11924017 | PA      | $11960981.25   | 0.30%             | 2026-03-15      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-1                                                 | CUSIP: 69548AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2455929 | PA      | $2469436.86    | 0.06%             | 2031-07-15      | Fixed         | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-1                                                 | CUSIP: 69548AAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2888814 | PA      | $2900080.23    | 0.07%             | 2031-07-15      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6         | CUSIP: 69548KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5137067 | PA      | $5170972.03    | 0.13%             | 2026-06-15      | Fixed         | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2025-R2                                        | CUSIP: 69549AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7379918 | PA      | $7308332.73    | 0.19%             | 2032-10-15      | Fixed         | 9.34%                 | Yes           |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                    | EFMT 2025-RTL1                                                              | CUSIP: 26846FAC3<br>LEI: 254900NFBGFOBK1G2B84 | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2002130.40    | 0.05%             | 2028-05-25      | Variable      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   10682000 | PA      | $10684136.40   | 0.27%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Phantom Aviation                                                      | Phantom Aviation                                                            | CUSIP: 71711GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2500000 | PA      | $2500750.00    | 0.06%             | 2033-01-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3863815 | PA      | $3841404.62    | 0.10%             | 2026-06-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     446541 | PA      | $444977.63     | 0.01%             | 2026-06-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    1718095 | PA      | $1702116.61    | 0.04%             | 2026-06-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Point Securitization Trust                                            | Point Securitization Trust 2025-1                                           | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5622119 | PA      | $5656187.05    | 0.14%             | 2028-05-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL6 LLC                                                          | CUSIP: 740936AA7<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-MBS          | CORP              | US        |   18468384 | PA      | $18501105.87   | 0.47%             | 2028-06-25      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL6 LLC                                                          | CUSIP: 740936AB5<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-MBS          | CORP              | US        |    8750000 | PA      | $8794045.75    | 0.22%             | 2028-06-25      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL9 LLC                                                          | CUSIP: 740937AA5<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |   23512472 | PA      | $23613039.16   | 0.60%             | 2028-08-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL9 LLC                                                          | CUSIP: 740937AB3<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $7016846.20    | 0.18%             | 2028-08-25      | Variable      | 7.51%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL4 LLC                                                          | CUSIP: 74136UAA3<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-MBS          | CORP              | US        |   14690190 | PA      | $14730160.20   | 0.37%             | 2055-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL4 LLC                                                          | CUSIP: 74136UAB1<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-MBS          | CORP              | US        |   11291000 | PA      | $11332287.80   | 0.29%             | 2055-04-25      | Variable      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL5 LLC                                                          | CUSIP: 74143LAA4<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-MBS          | CORP              | US        |   18867277 | PA      | $18922244.72   | 0.48%             | 2028-05-25      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL13 LLC                                                         | CUSIP: 74143UAB2<br>LEI: 254900YK6WRDXT44WO59 | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4504833.45    | 0.11%             | 2055-12-25      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL1 Trust                                                        | CUSIP: 74143VAA2<br>LEI: 25490067FPEW3M3QY244 | Long             | ABS-MBS          | CORP              | US        |    7248994 | PA      | $7253100.50    | 0.18%             | 2028-02-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Prm7 Trust                                                            | PRM7 Trust 2025-PRM7                                                        | CUSIP: 74290HAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6020000 | PA      | $5936924.00    | 0.15%             | 2042-11-10      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Prmi Securitization Trust                                             | PRMI Securitization Trust 2025-CMG1                                         | CUSIP: 74291CAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13225000 | PA      | $13212061.98   | 0.34%             | 2032-01-25      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Prmi Securitization Trust                                             | PRMI Securitization Trust 2025-CMG1                                         | CUSIP: 74291CAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1996000 | PA      | $1992448.92    | 0.05%             | 2032-01-25      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                                    | Prosper Marketplace Issuance Trust Series 2024-1                            | CUSIP: 74363CAC3<br>LEI: 549300WV6NCA12RVBP15 | Long             | ABS-O            | CORP              | US        |    9525000 | PA      | $9553575.00    | 0.24%             | 2029-08-15      | Fixed         | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                                 | PRPM 2025-3                                                                 | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   22181997 | PA      | $22165950.50   | 0.56%             | 2028-05-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS4 Trust                                                  | CUSIP: 749228AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1373438 | PA      | $1038753.50    | 0.03%             | 2036-04-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                             | RAMP Series 2007-RS1 Trust                                                  | CUSIP: 74923RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   32244743 | PA      | $6977955.85    | 0.18%             | 2037-02-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2007-QS7 Trust                                                  | CUSIP: 74923WAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   28006805 | PA      | $10916772.70   | 0.28%             | 2037-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2007-QO5 Trust                                                  | CUSIP: 74924AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9462102 | PA      | $1328700.48    | 0.03%             | 2047-08-25      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                           | RCKT Mortgage Trust 2026-CES1                                               | CUSIP: 74939BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3125000 | PA      | $3127016.88    | 0.08%             | 2056-01-25      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO VIII Mortgage LLC 2025-3                                                | CUSIP: 74939GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1923656 | PA      | $1927049.80    | 0.05%             | 2028-05-25      | Variable      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO IX Mortgage LLC 2025-4                                                  | CUSIP: 74939VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   35099254 | PA      | $35089352.65   | 0.89%             | 2030-10-25      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Rmf Proprietary Issuance Trust                                        | RMF Proprietary Issuance Trust 2022-1                                       | CUSIP: 74969XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4427500.00    | 0.11%             | 2028-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Rfm Re-remic Trust 2022-frr1                                          | RFM Reremic Trust 2022-FRR1                                                 | CUSIP: 74971BAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15460000 | PA      | $15172444.00   | 0.39%             | 2049-03-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                              | Rain City Mortgage Trust 2024-RTL1                                          | CUSIP: 75079KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10109404.00   | 0.26%             | 2029-09-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO X Mortgage LLC 2025-5                                                   | CUSIP: 75523YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23991828 | PA      | $23998780.33   | 0.61%             | 2030-10-25      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Rbssp Resecuritization Trust                                          | RBSSP Resecuritization Trust 2009-7                                         | CUSIP: 75524MAW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2859150 | PA      | $2097137.88    | 0.05%             | 2037-06-26      | Floating      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1015725.90    | 0.03%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS2 Trust                                                  | CUSIP: 761118UV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4329665 | PA      | $3379987.31    | 0.09%             | 2036-02-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3534189 | PA      | $1157969.21    | 0.03%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   30466903 | PA      | $7371771.95    | 0.19%             | 2037-03-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4623792 | PA      | $1497919.92    | 0.04%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2006-R1                              | CUSIP: 76113MAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9871665 | PA      | $2754036.49    | 0.07%             | 2046-01-25      | Floating      | 4.19%                 | No            |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                       | Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 76119CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      64182 | PA      | $63838.32      | 0.00%             | 2060-01-26      | Variable      | 2.68%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2021-RTL1                                                | CUSIP: 77118TAC7<br>LEI: 549300IBVH6A13CK6E15 | Long             | ABS-MBS          | CORP              | US        |    6745000 | PA      | $6336533.59    | 0.16%             | 2026-08-25      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Sb Multifamily Repack Trust Series 2020-frr1                          | SB Multifamily Repack Trust                                                 | CUSIP: 78397JAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6837939 | PA      | $6782551.65    | 0.17%             | 2026-05-27      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Trust 2025-SNIP                                                         | CUSIP: 78398JAA2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $7028700.00    | 0.18%             | 2027-09-15      | Floating      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Trust 2025-SNIP                                                         | CUSIP: 78398JAG9<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    1700000 | PA      | $1714790.00    | 0.04%             | 2027-09-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAA6<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    6497500 | PA      | $5669718.50    | 0.14%             | 2035-01-05      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAC2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    3195000 | PA      | $2770704.00    | 0.07%             | 2035-01-05      | Variable      | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAE8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   14945000 | PA      | $13182984.50   | 0.33%             | 2035-01-05      | Variable      | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAL2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    4991000 | PA      | $4238856.30    | 0.11%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAN8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    8133239 | PA      | $6616389.93    | 0.17%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAQ1<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    8100000 | PA      | $6132510.00    | 0.16%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2021-2                                        | CUSIP: 78432YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14003140 | PA      | $12037999.16   | 0.31%             | 2061-12-25      | Variable      | 1.74%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1109204 | PA      | $1083137.47    | 0.03%             | 2033-02-28      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8211773 | PA      | $7800363.33    | 0.20%             | 2028-05-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8929694 | PA      | $9024736.89    | 0.23%             | 2028-08-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     745000 | PA      | $756890.80     | 0.02%             | 2028-08-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3036000 | PA      | $3086130.74    | 0.08%             | 2028-08-25      | Variable      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Scg Hotel Issuer Inc                                                  | SCG Commercial Mortgage Trust 2025-FLWR                                     | CUSIP: 78438AAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2706750.00    | 0.07%             | 2027-08-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13472720 | PA      | $13590432.90   | 0.35%             | 2029-08-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2025632.20    | 0.05%             | 2029-08-25      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2250000 | PA      | $2289478.73    | 0.06%             | 2029-08-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2025-CES1                                         | CUSIP: 78438CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2027547.20    | 0.05%             | 2029-08-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Slg Office Trust                                                      | SLG Office Trust 2021-OVA                                                   | CUSIP: 78449RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9500000 | PA      | $7890700.00    | 0.20%             | 2031-07-15      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10347152 | PA      | $10357498.87   | 0.26%             | 2039-02-15      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3966713 | PA      | $3970680.09    | 0.10%             | 2039-02-15      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5075617 | PA      | $5080692.33    | 0.13%             | 2039-02-15      | Floating      | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2022-SEQ2                           | CUSIP: 79581RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2055819 | PA      | $2040746.55    | 0.05%             | 2052-02-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13255848 | PA      | $13315478.37   | 0.34%             | 2055-10-25      | Floating      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13042000 | PA      | $13085079.03   | 0.33%             | 2055-10-25      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12192000 | PA      | $12191940.26   | 0.31%             | 2055-10-25      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-LOC5                           | CUSIP: 79581XAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9565000 | PA      | $9580467.56    | 0.24%             | 2055-10-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-NPL1                           | CUSIP: 79582BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6592023 | PA      | $6568426.26    | 0.17%             | 2030-01-25      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-FIG6                           | CUSIP: 79582CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19636350 | PA      | $19701967.05   | 0.50%             | 2056-01-25      | Variable      | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-FIG6                           | CUSIP: 79582CAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4537961 | PA      | $4553049.71    | 0.12%             | 2056-01-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-FIG6                           | CUSIP: 79582CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9327266 | PA      | $9343507.92    | 0.24%             | 2056-01-25      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL4                           | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23750000 | PA      | $23778875.25   | 0.60%             | 2030-02-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL6                           | CUSIP: 79585UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23389000 | PA      | $23651307.64   | 0.60%             | 2030-07-25      | Variable      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL6                           | CUSIP: 79585UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6250000 | PA      | $6351933.13    | 0.16%             | 2026-12-25      | Variable      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-NPL2                           | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     945079 | PA      | $941854.59     | 0.02%             | 2028-04-25      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-INV1                           | CUSIP: 795924AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2021616.00    | 0.05%             | 2028-07-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL5                           | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15500000 | PA      | $15600720.55   | 0.40%             | 2030-04-25      | Fixed         | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2026-ESH2                                       | CUSIP: 30227WAG8<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |    7100000 | PA      | $7146150.00    | 0.18%             | 2031-02-15      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM5                         | CUSIP: 80262CAA6<br>LEI: 254900FHBJ2YHHBOAU80 | Long             | ABS-MBS          | CORP              | US        |   12293954 | PA      | $12365764.52   | 0.31%             | 2065-08-25      | Variable      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM2                         | CUSIP: 802638AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2659087 | PA      | $2694263.99    | 0.07%             | 2065-02-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM3                         | CUSIP: 80263AAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12518290 | PA      | $12704046.83   | 0.32%             | 2065-05-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Self Commercial Mortgage Trust                                        | SELF Commercial Mortgage Trust 2024-STRG                                    | CUSIP: 81631WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     623000 | PA      | $624495.20     | 0.02%             | 2034-11-15      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                | Sequoia Mortgage Trust 2025-S1                                              | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10016014 | PA      | $8983811.92    | 0.23%             | 2054-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Bcrr Trust                                                            | BCRR 2016-FRR3 Trust                                                        | CUSIP: 81753WAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24057599 | PA      | $23978209.39   | 0.61%             | 2026-05-26      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2025-1                                        | CUSIP: 81880NAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4990051 | PA      | $5006816.63    | 0.13%             | 2065-12-25      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Shenton Aircraft Investment Ltd                                       | Shenton Aircraft Investment I, Ltd.                                         | CUSIP: 82321UAA1<br>LEI: 254900877LAQRYY3YZ51 | Long             | ABS-O            | CORP              | KY        |    3867988 | PA      | $3806487.31    | 0.10%             | 2042-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     143194 | PA      | $142549.77     | 0.00%             | 2026-07-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    6973548 | PA      | $6777591.39    | 0.17%             | 2026-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Solrr Aircraft 2021-1 Limited                                         | Lunar 2021-1 Structured Aircraft Portfolio Notes                            | CUSIP: 83438LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    3980760 | PA      | $3897960.48    | 0.10%             | 2028-09-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                      | Soundview Home Loan Trust 2007-OPT4                                         | CUSIP: 83613AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5288299 | PA      | $3987680.70    | 0.10%             | 2037-09-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Sprite Limited                                                        | Sprite 2021-1, Ltd.                                                         | CUSIP: 85208UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     839294 | PA      | $827628.22     | 0.02%             | 2046-11-15      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Sreit Trust                                                           | SREIT Trust 2021-MFP2                                                       | CUSIP: 85236WCS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3024000 | PA      | $3022185.60    | 0.08%             | 2036-11-15      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2019-INV1                               | CUSIP: 85572JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1229994 | PA      | $1221775.50    | 0.03%             | 2049-09-27      | Variable      | 2.92%                 | Yes           |                  2 | On Loan: No      |
| Start Ltd.                                                            | Start, Ltd.                                                                 | CUSIP: 85572RAC3<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |   11459622 | PA      | $11427535.22   | 0.29%             | 2043-05-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-2                                  | CUSIP: 85573HAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     402783 | PA      | $391566.09     | 0.01%             | 2065-05-25      | Variable      | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-2                                  | CUSIP: 85573HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     491199 | PA      | $478090.11     | 0.01%             | 2065-05-25      | Variable      | 1.43%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-5                                  | CUSIP: 85573QAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5645053 | PA      | $5088100.83    | 0.13%             | 2066-09-25      | Variable      | 2.44%                 | Yes           |                  2 | On Loan: No      |
| Stellar Jay Ireland Dac                                               | Stellar Jay Ireland DAC                                                     | CUSIP: 858558AA7<br>LEI: 254900N0ZJ7Y0Q6V4A92 | Long             | ABS-O            | CORP              | US        |    1307700 | PA      | $1292138.29    | 0.03%             | 2028-03-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Stellar Jay Ireland Dac                                               | Stellar Jay Ireland DAC                                                     | CUSIP: 858558AB5<br>LEI: 254900N0ZJ7Y0Q6V4A92 | Long             | ABS-O            | CORP              | US        |    1284468 | PA      | $1273935.45    | 0.03%             | 2028-03-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc                             | Structured Asset Mortgage Investments II Trust 2007-AR2                     | CUSIP: 86363DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4221370 | PA      | $5075992.96    | 0.13%             | 2037-02-25      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Tgif Funding, Llc                                                     | TGIF Funding LLC 2017-1A                                                    | CUSIP: 87244BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4817489 | PA      | $4091493.54    | 0.10%             | 2047-04-30      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                                      | THPT 2023-THL Mortgage Trust                                                | CUSIP: 87252LAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4844448 | PA      | $4901612.49    | 0.12%             | 2034-12-10      | Variable      | 8.53%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                                      | THPT 2023-THL Mortgage Trust                                                | CUSIP: 87252LAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9158000 | PA      | $8951945.00    | 0.23%             | 2034-12-10      | Variable      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Tpg Re Finance Trust Inc                                              | TPG RE Finance Trust, Inc.                                                  | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     120705 | NS      | $2210108.55    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2024-RRTL1                                               | CUSIP: 87306WAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2008823.80    | 0.05%             | 2027-02-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2026-RRTL1                                               | CUSIP: 87306XAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1499982.15    | 0.04%             | 2028-07-25      | Variable      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2026-RRTL1                                               | CUSIP: 87306XAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $999993.50     | 0.03%             | 2028-07-25      | Variable      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Tlwnd 2019-1                                                          | GAIA Aviation, Ltd.                                                         | CUSIP: 87404LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   15159106 | PA      | $15012062.82   | 0.38%             | 2044-12-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Limited/ Us Llc                            | Thunderbolt III Aircraft Lease, Ltd.                                        | CUSIP: 88607AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    3240981 | PA      | $3207598.53    | 0.08%             | 2039-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15655037 | PA      | $15670489.81   | 0.40%             | 2031-02-25      | Fixed         | 7.33%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $7008419.60    | 0.18%             | 2031-02-25      | Fixed         | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6007680.60    | 0.15%             | 2031-02-25      | Fixed         | 12.54%                | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAC1<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |   15750000 | PA      | $15812518.05   | 0.40%             | 2027-03-25      | Variable      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAD9<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4008431.60    | 0.10%             | 2027-03-25      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6500000 | PA      | $6519960.85    | 0.17%             | 2026-03-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4011555.20    | 0.10%             | 2026-03-25      | Variable      | 9.16%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAB1<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |   13875000 | PA      | $13920479.48   | 0.35%             | 2039-09-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAD7<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6006179.40    | 0.15%             | 2039-09-25      | Variable      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX1                                         | CUSIP: 89183MAA1<br>LEI: 2549009GWN99QN2XSG71 | Long             | ABS-O            | CORP              | US        |    6522359 | PA      | $6531343.00    | 0.17%             | 2065-09-25      | Variable      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAA0<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |   13743519 | PA      | $13850022.89   | 0.35%             | 2065-10-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAB8<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |    4941000 | PA      | $4987625.25    | 0.13%             | 2065-10-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAC6<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7558131.00    | 0.19%             | 2065-10-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2025-FIX2                                         | CUSIP: 89183RAD4<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-O            | CORP              | US        |    5400000 | PA      | $5450559.12    | 0.14%             | 2065-10-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2026-FIX1                                         | CUSIP: 89183TAB4<br>LEI: 254900HMDJT9KG22DU68 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5007589.00    | 0.13%             | 2065-12-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust 2026-FIX1                                         | CUSIP: 89183TAC2<br>LEI: 254900HMDJT9KG22DU68 | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6009118.80    | 0.15%             | 2065-12-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Splitero Trust 2025-1                                                 | Splitero Trust 2025-1                                                       | CUSIP: 848948AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4419000 | PA      | $4395659.28    | 0.11%             | 2055-12-25      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6435000 | PA      | $5276700.00    | 0.13%             | 2054-10-26      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1196321 | PA      | $1166413.21    | 0.03%             | 2054-10-26      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   26135625 | PA      | $24828843.78   | 0.63%             | 2054-10-26      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust                               | United Auto Credit Securitization Trust 2025-1                              | CUSIP: 90945JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8500000 | PA      | $8555250.00    | 0.22%             | 2028-01-10      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Note                                                          | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  100000000 | PA      | $103277340.00  | 2.62%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Bond                                                          | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   34000000 | PA      | $34112890.20   | 0.87%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vcat Asset Securitization, Llc                                        | VCAT 2026-NPL1 LLC                                                          | CUSIP: 91825GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9000000 | PA      | $8998971.30    | 0.23%             | 2029-01-25      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2019-1                               | CUSIP: 92257CAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     932225 | PA      | $756265.04     | 0.02%             | 2049-03-25      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust                                      | CUSIP: 92257NAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     199899 | PA      | $165789.41     | 0.00%             | 2027-03-25      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-3                               | CUSIP: 92258RAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     576875 | PA      | $449445.32     | 0.01%             | 2051-10-25      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2023-3                               | CUSIP: 92258WAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3388674 | PA      | $3531418.38    | 0.09%             | 2053-08-25      | Variable      | 9.26%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-1                               | CUSIP: 92258XAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3105063 | PA      | $2281900.12    | 0.06%             | 2032-06-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-1                               | CUSIP: 92258XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1159590 | PA      | $797211.91     | 0.02%             | 2033-08-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-2                               | CUSIP: 92259MAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1586784 | PA      | $1331264.42    | 0.03%             | 2028-09-25      | Variable      | 1.82%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-1                               | CUSIP: 92259TAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1458502 | PA      | $910442.60     | 0.02%             | 2031-03-25      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-2                               | CUSIP: 92259UAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2907398 | PA      | $2334058.74    | 0.06%             | 2052-04-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2023-2                               | CUSIP: 92260AAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3258164 | PA      | $3405453.91    | 0.09%             | 2053-05-25      | Variable      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2025-RTL1                            | CUSIP: 92262GAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5863000 | PA      | $5927240.30    | 0.15%             | 2030-03-25      | Fixed         | 8.52%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAA5<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |   13364772 | PA      | $12703956.44   | 0.32%             | 2064-04-25      | Variable      | 1.02%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAA1<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |     683739 | PA      | $674231.25     | 0.02%             | 2063-10-25      | Variable      | 0.82%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAB9<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |     507708 | PA      | $500897.86     | 0.01%             | 2063-10-25      | Variable      | 1.06%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAC7<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    1215814 | PA      | $1199996.67    | 0.03%             | 2063-10-25      | Variable      | 1.26%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAB3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |     711698 | PA      | $677047.72     | 0.02%             | 2064-04-25      | Variable      | 1.28%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAF4<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2874417.90    | 0.07%             | 2064-04-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2022-1                                           | CUSIP: 92538WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4664667 | PA      | $4475664.35    | 0.11%             | 2067-01-25      | Variable      | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2026-1                                           | CUSIP: 92541JAP6<br>LEI: 2138009KJR7Q44BI8668 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1496799.45    | 0.04%             | 2071-01-25      | Variable      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust Series 2024-CES2                           | CUSIP: 92841YAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1506000 | PA      | $1517700.72    | 0.04%             | 2028-09-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   23101182 | PA      | $23192264.84   | 0.59%             | 2055-11-25      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7552864.50    | 0.19%             | 2055-11-25      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6816000 | PA      | $6863765.85    | 0.17%             | 2055-11-25      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust 2025-CES3                                  | CUSIP: 92842MAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2490500 | PA      | $2516984.72    | 0.06%             | 2055-11-25      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Vontive Mortgage Trust 2025-rtl1                                      | Vontive Mortgage Trust 2025-RTL1                                            | CUSIP: 928884AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4600000 | PA      | $4679327.00    | 0.12%             | 2027-03-25      | Variable      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Wb Commercial Mortgage Trust                                          | WB Commercial Mortgage Trust 2024-HQ                                        | CUSIP: 92943PAE1<br>LEI: 549300GK97AYN6BKKT80 | Long             | ABS-MBS          | CORP              | US        |    8500000 | PA      | $8539950.00    | 0.22%             | 2028-03-15      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-HI                               | CUSIP: 949933AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   16500000 | PA      | $16617150.00   | 0.42%             | 2042-10-15      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-B33RP                            | CUSIP: 95004RAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6014400.00    | 0.15%             | 2027-08-15      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-B33RP                            | CUSIP: 95004RAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6100000 | PA      | $6136600.00    | 0.16%             | 2027-08-15      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust 2025-B33RP                            | CUSIP: 95004RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12400000 | PA      | $12483080.00   | 0.32%             | 2027-08-15      | Floating      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2024-2                               | CUSIP: 92259PAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4305540 | PA      | $4565363.87    | 0.12%             | 2054-04-25      | Variable      | 9.73%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3190827.60    | 0.08%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-DELC                                                          | CUSIP: 05594MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10086000.00   | 0.26%             | 2042-12-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan                                                           | Recv Irs 3.5995 10/11/34                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-287897.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Arixa Mortgage Trust                                                  | Arixa Mortgage Trust 2025-RTL1                                              | CUSIP: 04046BAA1<br>LEI: 254900Q4SU6C9E56ZJ68 | Long             | ABS-MBS          | CORP              | US        |   11000000 | PA      | $11050161.10   | 0.28%             | 2028-02-25      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Unlock Hea Trust                                                      | Unlock HEA Trust 2025-1                                                     | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3838584 | PA      | $3865378.07    | 0.10%             | 2033-04-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                          | U.S. Treasury Note                                                          | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  250000000 | PA      | $244843750.00  | 6.22%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Copper Hill Sportsmans RT                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    6793172 | PA      | $6744177.24    | 0.17%             | 2027-02-01      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CSLRTLAX                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3235832 | PA      | $3238536.75    | 0.08%             | 2026-08-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Distribution Financial Services Trust                                 | Dominion Mortgage Trust 2025-RTL1                                           | CUSIP: 25746DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4064868.80    | 0.10%             | 2027-09-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC Series 2019-UVIL                                                       | CUSIP: 12656DAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1540000 | PA      | $1402786.00    | 0.04%             | 2041-12-15      | Variable      | 3.28%                 | Yes           |                  2 | On Loan: No      |
| First American Government Obligations Fund                            | First American Government Obligations Fund                                  | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  277455313 | NS      | $277455312.86  | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                   | HPEF Equipment Loans                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    9780886 | PA      | $9780886.00    | 0.25%             | 2030-12-31      | Floating      | 14.00%                | No            |                  2 | On Loan: No      |
| Nmlt Trust                                                            | NMLT 2021-INV1 Trust                                                        | CUSIP: 62923JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1277317 | PA      | $1134217.92    | 0.03%             | 2056-05-25      | Variable      | 1.19%                 | Yes           |                  2 | On Loan: No      |
| Jpmorgan Us Treasury Plus Money Market Fund                           | JPMorgan US Treasury Plus Money Market Fund                                 | CUSIP: 4812C2239<br>LEI: 549300WIC5LVF25Z1127 | Long             | STIV             | RF                | US        |   13638304 | NS      | $13638303.74   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cps Auto Trust                                                        | CPS Auto Receivables Trust 2023-A                                           | CUSIP: 12664LAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5511500.00    | 0.14%             | 2027-02-16      | Fixed         | 10.59%                | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-DELC                                                          | CUSIP: 05594MAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10089000.00   | 0.26%             | 2042-12-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2025-DELC                                                          | CUSIP: 05594MAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6035400.00    | 0.15%             | 2042-12-15      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | REVERSE REPO                                                                | CUSIP: RP282CMM0<br>LEI: N/A                  | Short            | RA               | CORP              | US        | -100000000 | NS      | $-100000000.00 | -2.54%            |  |  |  | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL4                                              | CUSIP: 50205PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2015695.60    | 0.05%             | 2027-01-25      | Variable      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                            | Flagship Credit Auto Trust 2022-3                                           | CUSIP: 33845PAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $607100.00     | 0.02%             | 2029-10-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2764207 | PA      | $2751491.65    | 0.07%             | 2034-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |      44220 | NS      | $242325.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 0.9130% 05/25/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $191611.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 0.7335% 08/05/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $800325.22     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.775% 04/24/33                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-887791.07    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Receive 3.823% / Pay SOFR 02/13/2034                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $159028.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.394% 04/03/33                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          1 | NC      | $-816876.79    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                   | Tower Bellflower LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   18848047 | PA      | $18851816.57   | 0.48%             | 2026-02-01      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Tower Bellflower LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     201953 | PA      | $201993.43     | 0.01%             | 2026-02-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                | US 10yr Ultra Future                                                        | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | N/A              | DIR              | CORP              | US        |        930 | NC      | $106150781.25  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL5                                              | CUSIP: 50205WAC1<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |    9400000 | PA      | $9433782.66    | 0.24%             | 2039-09-25      | Variable      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-NPL1 Trust                                                         | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5059535 | PA      | $5101341.09    | 0.13%             | 2027-09-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL3                                              | CUSIP: 50205YAC7<br>LEI: 529900XB146PHFHY2T23 | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2518334.50    | 0.06%             | 2028-02-25      | Variable      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | UTEX-DEFEASED                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      63898 | PA      | $63884.97      | 0.00%             | 2049-12-31      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** AXONIC FUNDS

**Signature:** Joe Castellano

**Name of Signer:** Joe Castellano

**Title:** Chief Accounting Officer