# EDGAR Filing Document

**Accession Number:** 0001959372
**File Stem:** 0000894189-26-005454
**Filing Date:** 2026-2
**Character Count:** 160182
**Document Hash:** a40a2d4277144f0598462758729a7003
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005454.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005454

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aristotle Funds Series Trust
- **CENTRAL INDEX KEY:** 0001959372

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23850
- **FILM NUMBER:** 26682879

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 1700
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** (949) 219-3391

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 1700
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

## Series and Classes Contracts Data

### Aristotle Core Bond Fund (Series ID: S000080073)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241714 | Class I      | PLEBX           |
| C000241715 | Class I-2    | PLEDX           |
| C000268437 | Class H      |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Aristotle Core Bond Fund** | **Aristotle Core Bond Fund** | **Aristotle Core Bond Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 38.5%** | **Par** | **Value**  |
| **Communications - 1.6%** | **Communications - 1.6%** | **Communications - 1.6%** |
|  AT&T, Inc., 3.50%, 09/15/2053 | $450000 | $301379 |
|  Beignet Investor LLC, 6.58%, 05/30/2049 <sup>(a)</sup> | 500000 | 528704 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 06/01/2041 | 200000 | 142434 |
|  Comcast Corp., 6.05%, 05/15/2055 <sup>(b)</sup> | 225000 | 222479 |
|  T-Mobile USA, Inc., 5.30%, 05/15/2035 | 250000 | 256432 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| &nbsp;&nbsp; 5.25%, 04/02/2035 | 200000 | 203350 |
| &nbsp;&nbsp; 5.00%, 01/15/2036 | 500000 | 495949 |
| &nbsp;&nbsp; 3.40%, 03/22/2041 | 600000 | 470391 |
|  |  | 2621118 |
| **Consumer Discretionary - 0.7%** | **Consumer Discretionary - 0.7%** | **Consumer Discretionary - 0.7%** |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp; 4.65%, 11/20/2035 | 350000 | 348721 |
| &nbsp;&nbsp; 5.45%, 11/20/2055 | 400000 | 390693 |
|  Ford Motor Credit Co. LLC, 4.54%, 08/01/2026 | 200000 | 199777 |
|  Hyundai Capital America, 4.85%, 03/25/2027 <sup>(a)</sup> | 50000 | 50469 |
|  Royal Caribbean Cruises Ltd., 5.63%, 09/30/2031 <sup>(a)</sup> | 100000 | 102265 |
|  |  | 1091925 |
| **Consumer Staples - 1.8%** | **Consumer Staples - 1.8%** | **Consumer Staples - 1.8%** |
|  Anheuser-Busch InBev Worldwide, Inc., 5.45%, 01/23/2039 | 550000 | 569998 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl |
| &nbsp;&nbsp; 3.00%, 05/15/2032 | 200000 | 179656 |
| &nbsp;&nbsp; 6.75%, 03/15/2034 | 100000 | 110543 |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 <sup>(a)</sup> | 600000 | 631493 |
|  Keurig Dr Pepper, Inc., 5.15%, 05/15/2035 | 250000 | 250591 |
|  Mars, Inc., 5.20%, 03/01/2035 <sup>(a)</sup> | 1100000 | 1131014 |
|  |  | 2873295 |
| **Energy - 2.1%** | **Energy - 2.1%** | **Energy - 2.1%** |
|  Colonial Enterprises, Inc., 5.63%, 11/15/2035 <sup>(a)</sup> | 550000 | 555847 |
|  Energy Transfer LP, 5.70%, 04/01/2035 | 700000 | 724963 |
|  MPLX LP, 5.00%, 01/15/2033 | 450000 | 452563 |
|  ONEOK, Inc., 4.95%, 10/15/2032 | 550000 | 552704 |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036 | 600000 | 607284 |
|  Targa Resources Corp., 6.50%, 03/30/2034 | 400000 | 436705 |
|  Western Midstream Operating LP, 4.80%, 03/01/2031 | 100000 | 99983 |
|  |  | 3430049 |
| **Financials - 24.3%** | **Financials - 24.3%** | **Financials - 24.3%** |
|  Agree LP, 5.60%, 06/15/2035 | 300000 | 315006 |
|  Allianz SE, 6.55% to 04/30/2034 then 5 yr. CMT Rate + 2.32%, Perpetual <sup>(a)</sup> | 200000 | 208426 |
|  American International Group, Inc., 5.45%, 05/07/2035 | 470000 | 489781 |
|  Arthur J Gallagher & Co., 5.15%, 02/15/2035 | 350000 | 353889 |
|  Aspen Insurance Holdings Ltd., 5.75%, 07/01/2030 | 357000 | 372467 |
|  Athene Global Funding, 5.54%, 08/22/2035 <sup>(a)</sup> | 150000 | 150577 |
|  Athene Holding Ltd., 6.63%, 05/19/2055 | 375000 | 382222 |
|  Atlas Warehouse Lending Co. LP, 4.95%, 11/15/2030 <sup>(a)</sup> | 500000 | 501930 |
|  Aviation Capital Group LLC, 5.13%, 04/10/2030 <sup>(a)</sup> | 50000 | 50790 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| &nbsp;&nbsp; 5.38%, 05/30/2030 <sup>(a)</sup> | 250000 | 256956 |
| &nbsp;&nbsp; 4.90%, 10/10/2030 <sup>(a)</sup> | 300000 | 301722 |
|  Banco Mercantil del Norte SA/Grand Cayman, 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, Perpetual <sup>(a)</sup> | 500000 | 532164 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA |
| &nbsp;&nbsp; 4.55%, 11/06/2030 | 400000 | 400523 |
| &nbsp;&nbsp; 5.13%, 11/06/2035 | 400000 | 400014 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp; 5.51% to 01/24/2035 then SOFR + 1.31%, 01/24/2036 | 1150000 | 1199705 |
| &nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 450000 | 395036 |
| &nbsp;&nbsp; 3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 300000 | 282598 |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 400000 | 416253 |
|  Barclays PLC, 5.79% to 02/25/2035 then SOFR + 1.59%, 02/25/2036 | 250000 | 261792 |
|  BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, 7.63% to 02/11/2030 then 5 yr. CMT Rate + 3.38%, 02/11/2035 <sup>(a)</sup> | 400000 | 421000 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| &nbsp;&nbsp; 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033 <sup>(a)</sup> | 600000 | 630425 |
| &nbsp;&nbsp; 6.88% to 12/15/2033 then 5 yr. CMT Rate + 2.85%, Perpetual <sup>(a)</sup> | 600000 | 602854 |
|  BPCE SA, 5.39% to 05/28/2030 then SOFR + 1.58%, 05/28/2031 <sup>(a)</sup> | 250000 | 256742 |
| Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
| &nbsp;&nbsp; 5.50%, 02/15/2034 | 200000 | 206654 |
| &nbsp;&nbsp; 5.75%, 02/15/2035 | 450000 | 472997 |
| Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
| &nbsp;&nbsp; 2.60%, 09/15/2031 | 200000 | 177270 |
| &nbsp;&nbsp; 5.00%, 11/01/2032 | 300000 | 301215 |
|  Brown & Brown, Inc., 5.55%, 06/23/2035 | 300000 | 307802 |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 500000 | 522124 |
|  CBRE Services, Inc., 4.90%, 01/15/2033 | 150000 | 150776 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp; 6.63% to 02/15/2031 then 5 yr. CMT Rate + 3.00%, Perpetual | 225000 | 228753 |
| &nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 | 800000 | 817414 |
| &nbsp;&nbsp; 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036 | 300000 | 302936 |
|  Cooperatieve Rabobank UA, 1.98% to 12/15/2026 then 1 yr. CMT Rate + 0.73%, 12/15/2027 <sup>(a)</sup> | 250000 | 245101 |
| Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
| &nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033 <sup>(a)</sup> | 350000 | 349673 |
| &nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036 <sup>(a)</sup> | 400000 | 422169 |
|  Extra Space Storage LP, 5.40%, 02/01/2034 | 300000 | 308606 |
|  Fairfax Financial Holdings Ltd., 5.75%, 05/20/2035 | 250000 | 260146 |
|  First Industrial LP, 5.25%, 01/15/2031 | 500000 | 510585 |
|  Fiserv, Inc., 3.50%, 07/01/2029 | 250000 | 242544 |
|  Global Payments, Inc., 5.55%, 11/15/2035 | 500000 | 497162 |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| &nbsp;&nbsp; 3.25%, 01/15/2032 | 450000 | 408330 |
| &nbsp;&nbsp; 5.25%, 02/15/2033 | 500000 | 502221 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 200000 | 198896 |
| &nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 | 350000 | 361568 |
| &nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 1700000 | 1765369 |
|  High Street Funding Trust III, 5.81%, 02/15/2055 <sup>(a)</sup> | 750000 | 747709 |
|  Host Hotels & Resorts LP, 5.70%, 07/01/2034 | 250000 | 259001 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| &nbsp;&nbsp; 5.55% to 03/04/2029 then SOFR + 1.46%, 03/04/2030 | 300000 | 311111 |
| &nbsp;&nbsp; 5.45% to 03/03/2035 then SOFR + 1.56%, 03/03/2036 | 1200000 | 1238605 |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033 <sup>(a)</sup> | 150000 | 156668 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | 2100000 | 2204066 |
| &nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 | 600000 | 620899 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| &nbsp;&nbsp; 5.88%, 10/15/2035 | 400000 | 402032 |
| &nbsp;&nbsp; 6.25%, 01/15/2036 | 250000 | 258573 |
| Kite Realty Group LP | Kite Realty Group LP | Kite Realty Group LP |
| &nbsp;&nbsp; 4.95%, 12/15/2031 | 400000 | 407176 |
| &nbsp;&nbsp; 5.20%, 08/15/2032 | 150000 | 153575 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| &nbsp;&nbsp; 5.15%, 06/15/2030 | 450000 | 459148 |
| &nbsp;&nbsp; 5.75%, 06/15/2035 | 300000 | 308982 |
|  Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052 <sup>(a)</sup> | 450000 | 434825 |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 200000 | 211026 |
|  Mitsubishi UFJ Financial Group, Inc., 5.19% to 09/12/2035 then 1 yr. CMT Rate + 0.93%, 09/12/2036 | 400000 | 406557 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 500000 | 531533 |
| &nbsp;&nbsp; 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036 | 1700000 | 1785502 |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual <sup>(a)</sup> | 400000 | 411780 |
| Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
| &nbsp;&nbsp; 3.85%, 09/30/2047 <sup>(a)</sup> | 500000 | 388930 |
| &nbsp;&nbsp; 6.17%, 05/29/2055 <sup>(a)</sup> | 400000 | 424905 |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035 <sup>(a)</sup> | 250000 | 264083 |
|  Phillips Edison Grocery Center Operating Partnership I LP, 4.95%, 01/15/2035 | 450000 | 445240 |
|  Piedmont Operating Partnership LP, 5.63%, 01/15/2033 | 350000 | 353771 |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 500000 | 566114 |
|  Rocket Cos., Inc., 6.13%, 08/01/2030 <sup>(a)</sup> | 175000 | 180994 |
|  Skandinaviska Enskilda Banken AB, 5.38%, 03/05/2029 <sup>(a)</sup> | 300000 | 310515 |
|  SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 <sup>(a)</sup> | 600000 | 600468 |
|  Sumitomo Mitsui Financial Group, Inc., 5.25% to 07/08/2035 then SOFR + 1.50%, 07/08/2036 | 500000 | 512374 |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 400000 | 407132 |
| UBS Group AG | UBS Group AG | UBS Group AG |
| &nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual <sup>(a)</sup> | 550000 | 595236 |
| &nbsp;&nbsp; 4.40% to 09/23/2030 then SOFR + 1.06%, 09/23/2031 <sup>(a)</sup> | 400000 | 398171 |
|  Ventas Realty LP, 5.00%, 02/15/2036 | 450000 | 447252 |
| VICI Properties LP / VICI Note Co., Inc. | VICI Properties LP / VICI Note Co., Inc. | VICI Properties LP / VICI Note Co., Inc. |
| &nbsp;&nbsp; 4.63%, 12/01/2029 <sup>(a)</sup> | 100000 | 99844 |
| &nbsp;&nbsp; 4.13%, 08/15/2030 <sup>(a)</sup> | 750000 | 727640 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp; 5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035 | 650000 | 664294 |
| &nbsp;&nbsp; 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036 | 1250000 | 1310662 |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 500000 | 516744 |
|  Willis North America, Inc., 5.15%, 03/15/2036 | 350000 | 350166 |
|  |  | 39616486 |
| **Health Care - 1.3%** | **Health Care - 1.3%** | **Health Care - 1.3%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp; 5.25%, 03/02/2033 | 100000 | 103546 |
| &nbsp;&nbsp; 3.15%, 02/21/2040 | 100000 | 78906 |
|  CVS Health Corp., 5.45%, 09/15/2035 | 350000 | 358395 |
|  HCA, Inc., 4.90%, 11/15/2035 | 250000 | 246682 |
|  Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 400000 | 397391 |
|  Universal Health Services, Inc., 4.63%, 10/15/2029 | 550000 | 553062 |
|  VSP Optical Group, Inc., 5.45%, 12/01/2035 <sup>(a)</sup> | 300000 | 302110 |
|  |  | 2040092 |
| **Industrials - 1.3%** | **Industrials - 1.3%** | **Industrials - 1.3%** |
|  BAE Systems PLC, 5.30%, 03/26/2034 <sup>(a)</sup> | 500000 | 517957 |
|  Boeing Co., 6.53%, 05/01/2034 | 450000 | 498020 |
|  HEICO Corp., 5.35%, 08/01/2033 | 500000 | 519362 |
|  nVent Finance Sarl, 2.75%, 11/15/2031 | 250000 | 225680 |
|  Weir Group, Inc., 5.35%, 05/06/2030 <sup>(a)</sup> | 400000 | 411172 |
|  |  | 2172191 |
| **Technology - 1.6%** | **Technology - 1.6%** | **Technology - 1.6%** |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 <sup>(a)</sup> | 500000 | 490997 |
|  Fair Isaac Corp., 6.00%, 05/15/2033 <sup>(a)</sup> | 235000 | 242128 |
|  Foundry JV Holdco LLC, 5.88%, 01/25/2034 <sup>(a)</sup> | 400000 | 411162 |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 300000 | 273977 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp; 4.45%, 09/26/2030 | 450000 | 440352 |
| &nbsp;&nbsp; 5.20%, 09/26/2035 | 550000 | 527142 |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 | 250000 | 249542 |
|  |  | 2635300 |
| **Utilities - 3.8%** | **Utilities - 3.8%** | **Utilities - 3.8%** |
|  AEP Transmission Co. LLC, 5.38%, 06/15/2035 | 550000 | 568677 |
|  AES Corp., 5.80%, 03/15/2032 | 750000 | 769584 |
|  American Electric Power Co., Inc., 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 500000 | 496603 |
|  DTE Electric Co., 5.25%, 05/15/2035 | 300000 | 308507 |
|  DTE Energy Co., 5.85%, 06/01/2034 | 150000 | 160042 |
|  Duke Energy Corp., 4.95%, 09/15/2035 | 100000 | 99216 |
|  Nevada Power Co., 5.90%, 05/01/2053 | 550000 | 553998 |
|  NiSource, Inc., 5.35%, 04/01/2034 | 500000 | 516669 |
|  Northern States Power Co./MN, 5.05%, 05/15/2035 | 500000 | 509856 |
|  Oncor Electric Delivery Co. LLC, 5.55%, 06/15/2054 | 400000 | 388549 |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 50000 | 50999 |
|  RWE Finance US LLC, 5.13%, 09/18/2035 <sup>(a)</sup> | 500000 | 497384 |
|  Southwestern Electric Power Co., 5.30%, 04/01/2033 | 250000 | 256974 |
|  Virginia Electric and Power Co., 5.55%, 08/15/2054 | 450000 | 436588 |
|  Vistra Operations Co. LLC, 5.70%, 12/30/2034 <sup>(a)</sup> | 600000 | 619729 |
|  |  | 6233375 |
| **TOTAL CORPORATE BONDS** (Cost $61,651,493) | **TOTAL CORPORATE BONDS** (Cost $61,651,493) | 62713831 |
| **U.S. TREASURY SECURITIES - 21.9%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 3.38%, 05/15/2033 | 100000 | 96156 |
| &nbsp;&nbsp; 3.88%, 08/15/2034 | 1000000 | 984824 |
| &nbsp;&nbsp; 4.63%, 02/15/2035 | 16535000 | 17167012 |
| &nbsp;&nbsp; 4.25%, 05/15/2035 | 5480000 | 5526666 |
| &nbsp;&nbsp; 4.25%, 08/15/2035 | 3375000 | 3399785 |
| &nbsp;&nbsp; 4.00%, 11/15/2035 | 2700000 | 2661398 |
| &nbsp;&nbsp; 1.75%, 08/15/2041 | 125000 | 84387 |
| &nbsp;&nbsp; 3.00%, 11/15/2044 | 250000 | 193418 |
| &nbsp;&nbsp; 1.88%, 02/15/2051 | 500000 | 279561 |
| &nbsp;&nbsp; 1.88%, 11/15/2051 | 150000 | 82963 |
| &nbsp;&nbsp; 2.25%, 02/15/2052 | 500000 | 303535 |
| &nbsp;&nbsp; 2.88%, 05/15/2052 | 500000 | 349521 |
| &nbsp;&nbsp; 4.63%, 02/15/2055 | 3435000 | 3309676 |
| &nbsp;&nbsp; 4.75%, 05/15/2055 | 350000 | 344012 |
| &nbsp;&nbsp; 4.75%, 08/15/2055 | 900000 | 885094 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $35,736,576) | **TOTAL U.S. TREASURY SECURITIES** (Cost $35,736,576) | 35668008 |
| **MORTGAGE-BACKED SECURITIES - 17.8%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool SD6650, 4.50%, 10/01/2054 | 762968 | 747338 |
| &nbsp;&nbsp; Pool SD8244, 4.00%, 09/01/2052 | 2073969 | 1980434 |
| &nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 197840 | 201076 |
| &nbsp;&nbsp; Pool SD8447, 6.00%, 07/01/2054 | 989218 | 1016298 |
| &nbsp;&nbsp; Pool SD8496, 6.00%, 01/01/2055 | 1013788 | 1041508 |
| &nbsp;&nbsp; Pool SD8507, 6.00%, 02/01/2055 | 801969 | 823931 |
| &nbsp;&nbsp; Pool SD8523, 5.00%, 04/01/2055 | 283666 | 283124 |
| &nbsp;&nbsp; Pool SD8532, 5.00%, 05/01/2055 | 1441536 | 1438745 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 616567 | 639063 |
| &nbsp;&nbsp; Pool FA0625, 5.00%, 02/01/2055 | 1011086 | 1011164 |
| &nbsp;&nbsp; Pool FS6598, 3.50%, 08/01/2052 | 851789 | 790329 |
| &nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 523491 | 499112 |
| &nbsp;&nbsp; Pool MA5027, 4.00%, 05/01/2053 | 1079564 | 1029333 |
| &nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 353962 | 364347 |
| &nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 516576 | 490438 |
| &nbsp;&nbsp; Pool MA5528, 4.00%, 11/01/2054 | 993375 | 943108 |
| &nbsp;&nbsp; Pool MA5529, 4.50%, 11/01/2054 | 1030616 | 1006948 |
| &nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054 | 1382739 | 1380562 |
| &nbsp;&nbsp; Pool MA5643, 4.00%, 03/01/2055 | 1054643 | 1001270 |
| &nbsp;&nbsp; Pool MA5665, 3.50%, 03/01/2055 | 487201 | 451788 |
| &nbsp;&nbsp; Pool MA5670, 4.00%, 04/01/2055 | 240764 | 228579 |
| &nbsp;&nbsp; Pool MA5699, 5.00%, 05/01/2055 | 1437762 | 1434979 |
| &nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055 | 944518 | 958231 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| &nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 966287 | 869971 |
| &nbsp;&nbsp; Pool MA7706, 3.00%, 11/20/2051 | 1006829 | 906472 |
| &nbsp;&nbsp; Pool MA8346, 4.00%, 10/20/2052 | 2819334 | 2683474 |
| &nbsp;&nbsp; Pool MA9848, 4.00%, 08/20/2054 | 1428227 | 1354924 |
| &nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 263182 | 256769 |
| &nbsp;&nbsp; Pool MB0091, 5.00%, 12/20/2054 | 292284 | 292094 |
| &nbsp;&nbsp; Pool MB0145, 4.50%, 01/20/2055 | 305267 | 297827 |
| &nbsp;&nbsp; Pool MB0147, 5.50%, 01/20/2055 | 296839 | 300233 |
| &nbsp;&nbsp; Pool MB0204, 5.00%, 02/20/2055 | 330848 | 330473 |
| &nbsp;&nbsp; Pool MB0256, 4.00%, 03/20/2055 | 342929 | 324273 |
| &nbsp;&nbsp; Pool MB0257, 4.50%, 03/20/2055 | 308677 | 301058 |
| &nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 212174 | 214736 |
| &nbsp;&nbsp; Pool MB0305, 4.00%, 04/20/2055 | 1232912 | 1165551 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $28,602,972) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $28,602,972) | 29059560 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.6%** | **Par** | **Value**  |
| Angel Oak Mortgage Trust LLC | Angel Oak Mortgage Trust LLC | Angel Oak Mortgage Trust LLC |
| &nbsp;&nbsp; Series 2025-10, Class A1, 4.96%, 09/25/2070 <sup>(a)(c)</sup> | 485799 | 486703 |
| &nbsp;&nbsp; Series 2025-13, Class A1, 4.93%, 10/25/2070 <sup>(a)(d)</sup> | 750000 | 751874 |
| &nbsp;&nbsp; Series 2025-3, Class A1, 5.42%, 03/25/2070 <sup>(a)(d)</sup> | 127940 | 128882 |
| &nbsp;&nbsp; Series 2025-4, Class A1, 5.86%, 04/25/2070 <sup>(a)(d)</sup> | 256767 | 260051 |
| &nbsp;&nbsp; Series 2025-6, Class A1, 5.52%, 04/25/2070 <sup>(a)(d)</sup> | 592850 | 598493 |
| &nbsp;&nbsp; Series 2025-7, Class A1, 5.51%, 06/25/2070 <sup>(a)(d)</sup> | 376737 | 380708 |
| &nbsp;&nbsp; Series 2025-8, Class A1, 5.41%, 07/25/2070 <sup>(a)(d)</sup> | 423512 | 427066 |
| &nbsp;&nbsp; Series 2025-9, Class A1, 5.14%, 08/25/2070 <sup>(a)(d)</sup> | 531779 | 534145 |
| BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, 6.44%, 05/25/2063 <sup>(a)(d)</sup> | 59845 | 60088 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.80%, 06/25/2064 <sup>(a)(d)</sup> | 156113 | 157560 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, 5.41%, 08/01/2064 <sup>(a)(d)</sup> | 591457 | 594706 |
| &nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.57%, 03/25/2065 <sup>(a)(d)</sup> | 253307 | 255650 |
| &nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.61%, 02/25/2065 <sup>(a)(d)</sup> | 166278 | 168169 |
| &nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.50%, 02/25/2065 <sup>(a)(c)</sup> | 410472 | 414115 |
| &nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.46%, 07/25/2065 <sup>(a)(c)</sup> | 325047 | 328175 |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.48%, 04/15/2042 <sup>(a)(c)</sup> | 100000 | 102606 |
|  COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1, 5.84%, 02/25/2069 <sup>(a)(d)</sup> | 686457 | 691731 |
| COLT Funding LLC | COLT Funding LLC | COLT Funding LLC |
| &nbsp;&nbsp; Series 2023-3, Class A1, 7.18%, 09/25/2068 <sup>(a)(d)</sup> | 286896 | 290285 |
| &nbsp;&nbsp; Series 2025-3, Class A1, 5.35%, 03/25/2070 <sup>(a)(d)</sup> | 100356 | 100976 |
|  Cross Mortgage Trust, Series 2025-H4, Class A1, 5.60%, 06/25/2070 <sup>(a)(c)</sup> | 576129 | 581835 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 2025-2, Class A1, 3.00%, 10/25/2035 | 390204 | 366771 |
| &nbsp;&nbsp; Series K-159, Class A2, 4.50%, 07/25/2033 <sup>(c)</sup> | 1000000 | 1010023 |
| &nbsp;&nbsp; Series K756, Class A2, 4.96%, 05/25/2031 | 1500000 | 1556790 |
| Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust | Freddie Mac Seasoned Credit Risk Transfer Trust |
| &nbsp;&nbsp; Series 2019-1, Class MA, 3.50%, 07/25/2058 | 832045 | 814551 |
| &nbsp;&nbsp; Series 2021-3, Class MA, 2.00%, 03/25/2061 | 211681 | 185754 |
| &nbsp;&nbsp; Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 189730 | 165236 |
|  GCAT, Series 2025-NQM1, Class A1, 5.37%, 11/25/2069 <sup>(a)(d)</sup> | 404929 | 407848 |
|  GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, 06/25/2065 <sup>(a)(d)</sup> | 290219 | 293416 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, 01/13/2040 <sup>(a)(c)</sup> | 325000 | 337233 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.59%, 06/25/2065 <sup>(a)(d)</sup> | 166048 | 167634 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.57%, 09/25/2065 <sup>(a)(c)</sup> | 228598 | 230809 |
|  LHOME Mortgage Trust, Series 2025-RTL2, Class A1, 5.61%, 04/25/2040 <sup>(a)(c)</sup> | 500000 | 504066 |
| MFRA Trust | MFRA Trust | MFRA Trust |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, 5.72%, 12/25/2069 <sup>(a)(d)</sup> | 794362 | 801162 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, 05/27/2070 <sup>(a)(d)</sup> | 562595 | 567740 |
| Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 04/25/2063 <sup>(a)(d)</sup> | 788659 | 796249 |
| &nbsp;&nbsp; Series 2024-NQM11, Class A1, 5.88%, 06/25/2064 <sup>(a)(d)</sup> | 147506 | 149028 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.55%, 12/25/2064 <sup>(a)(c)</sup> | 840594 | 848097 |
| &nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065 <sup>(a)(d)</sup> | 430540 | 434360 |
| &nbsp;&nbsp; Series 2025-NQM13, Class A1, 5.44%, 05/25/2065 <sup>(a)(c)</sup> | 434419 | 438526 |
| &nbsp;&nbsp; Series 2025-NQM14, Class A1, 5.16%, 07/25/2065 <sup>(a)(d)</sup> | 136335 | 137049 |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 09/25/2065 <sup>(a)(c)</sup> | 288715 | 289844 |
| &nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.65%, 12/01/2064 <sup>(a)(d)</sup> | 288864 | 291920 |
| &nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.40%, 02/25/2055 <sup>(a)(d)</sup> | 197173 | 198670 |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.60%, 03/25/2065 <sup>(a)(d)</sup> | 236183 | 238641 |
| &nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.56%, 05/25/2055 <sup>(a)(d)</sup> | 245878 | 248352 |
|  PRKCM Trust, Series 2025-HOME1, Class A1A, 5.55%, 02/25/2060 <sup>(a)(d)</sup> | 216041 | 217723 |
|  ROCK Trust 2024-CNTR, Series 2024-CNTR, Class A, 5.39%, 11/13/2041 <sup>(a)</sup> | 620000 | 637514 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041 <sup>(a)</sup> | 100000 | 89513 |
|  Velocity Commercial Capital Loan Trust, Series 2025-5, Class A, 5.32%, 12/25/2055 <sup>(a)(c)</sup> | 100000 | 100412 |
|  Verus Securitization Trust, Series 2025-R2, Class A1, 5.09%, 07/25/2067 <sup>(a)(c)</sup> | 750000 | 752261 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $20,470,797) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $20,470,797) | 20591010 |
| **ASSET-BACKED SECURITIES - 6.5%** | **Par** | **Value**  |
|  Bank of America Auto Trust, Series 2025-1A, Class A4, 4.47%, 11/20/2031 <sup>(a)</sup> | 450000 | 455067 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| &nbsp;&nbsp; Series 2022-N1, Class D, 4.13%, 12/11/2028 <sup>(a)</sup> | 135065 | 134256 |
| &nbsp;&nbsp; Series 2024-N2, Class C, 5.82%, 09/10/2030 <sup>(a)</sup> | 400000 | 408299 |
|  CPS Auto Trust, Series 2025-B, Class B, 4.79%, 11/15/2029 <sup>(a)</sup> | 500000 | 500919 |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032 <sup>(a)</sup> | 81898 | 83144 |
|  Exeter Automobile Receivables Trust, Series 2022-3A, Class D, 6.76%, 09/15/2028 | 261147 | 264572 |
|  FHF Trust, Series 2024-2A, Class B, 5.97%, 06/15/2030 <sup>(a)</sup> | 300000 | 299049 |
|  Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64%, 07/16/2029 <sup>(a)</sup> | 150000 | 150293 |
|  Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87%, 08/15/2036 <sup>(a)(d)</sup> | 200000 | 205241 |
|  GLS Auto Receivables Trust, Series 2025-2A, Class B, 4.97%, 10/15/2029 <sup>(a)</sup> | 800000 | 805911 |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036 <sup>(a)</sup> | 100000 | 105007 |
| GreenSky LLC | GreenSky LLC | GreenSky LLC |
| &nbsp;&nbsp; Series 2025-2A, Class A3, 5.02%, 06/25/2060 <sup>(a)</sup> | 100000 | 101449 |
| &nbsp;&nbsp; Series 2025-3A, Class A2, 4.59%, 12/27/2060 <sup>(a)</sup> | 250000 | 250174 |
|  Landmark Infrastructure Partners LP, Series 2025-1A, Class A, 5.52%, 09/15/2055 <sup>(a)</sup> | 150000 | 151579 |
|  Marriott Vacations Worldwide Corp., Series 2022-1A, Class A, 4.15%, 11/21/2039 <sup>(a)</sup> | 679584 | 677254 |
| Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
| &nbsp;&nbsp; Series 2019-BA, Class A2A, 3.39%, 12/15/2059 <sup>(a)</sup> | 159584 | 157025 |
| &nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069 <sup>(a)</sup> | 91890 | 81364 |
| &nbsp;&nbsp; Series 2021-1A, Class A1A, 1.31%, 12/26/2069 <sup>(a)</sup> | 113354 | 96861 |
| &nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 <sup>(a)</sup> | 68735 | 63137 |
| &nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072 <sup>(a)</sup> | 767891 | 786776 |
| &nbsp;&nbsp; Series 2025-A, Class A, 5.02%, 07/15/2055 <sup>(a)</sup> | 178545 | 180565 |
| &nbsp;&nbsp; Series 2025-B, Class A, 4.72%, 09/15/2055 <sup>(a)</sup> | 94394 | 94167 |
|  Nelnet Student Loan Trust, Series 2025-DA, Class A1A, 4.65%, 08/20/2054 <sup>(a)</sup> | 200000 | 198863 |
|  OneMain Direct Auto Receivables Trust, Series 2019-1A, Class C, 4.19%, 11/14/2028 <sup>(a)</sup> | 124000 | 123776 |
|  OWN Tactical Equipment I LLC, Series 2025-1M, Class A, 5.48%, 09/26/2033 <sup>(a)</sup> | 279125 | 281793 |
|  REDAPTIVE EAAS ISSUER LLC, Series 2025-1A, Class A, 5.94%, 03/25/2042 <sup>(a)</sup> | 100000 | 100248 |
|  Service Experts Issuer LLC, Series 2025-1A, Class A, 5.38%, 01/20/2037 <sup>(a)</sup> | 92940 | 93037 |
| SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
| &nbsp;&nbsp; Series 2021-A, Class APT2, 1.07%, 01/15/2053 <sup>(a)</sup> | 80860 | 72909 |
| &nbsp;&nbsp; Series 2022-B, Class A1A, 3.94%, 02/16/2055 <sup>(a)</sup> | 604760 | 591213 |
| &nbsp;&nbsp; Series 2023-B, Class A1A, 4.99%, 10/16/2056 <sup>(a)</sup> | 385067 | 386467 |
| &nbsp;&nbsp; Series 2024-A, Class A1A, 5.24%, 03/15/2056 <sup>(a)</sup> | 588583 | 598898 |
| &nbsp;&nbsp; Series 2024-D, Class A1A, 5.38%, 07/15/2053 <sup>(a)</sup> | 391691 | 399236 |
| &nbsp;&nbsp; Series 2025-A, Class A1A, 5.13%, 04/15/2054 <sup>(a)</sup> | 558623 | 565491 |
|  SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, 02/15/2047 <sup>(a)</sup> | 245321 | 213368 |
| Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
| &nbsp;&nbsp; Series 2023-1A, Class A, 4.93%, 06/25/2036 <sup>(a)</sup> | 250000 | 255808 |
| &nbsp;&nbsp; Series 2025-1A, Class A, 4.65%, 05/25/2038 <sup>(a)</sup> | 250000 | 254682 |
|  UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, 09/25/2047 <sup>(a)</sup> | 100000 | 100089 |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032 <sup>(a)</sup> | 250000 | 258290 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $10,489,188) | **TOTAL ASSET-BACKED SECURITIES** (Cost $10,489,188) | 10546277 |
| **COLLATERALIZED LOAN OBLIGATIONS - 1.2%** | **Par** | **Value**  |
|  Basswood Park CLO Ltd., Series 2021-1A, Class BR, 5.38% (3 mo. Term SOFR + 1.50%), 04/20/2034 <sup>(a)</sup> | 250000 | 250748 |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 4.98% (3 mo. Term SOFR + 1.08%), 10/15/2031 <sup>(a)</sup> | 127642 | 127660 |
|  CarVal CLO, Series 2018-1A, Class AR, 5.12% (3 mo. Term SOFR + 1.23%), 07/16/2031 <sup>(a)</sup> | 587124 | 588003 |
|  Magnetite CLO Ltd., Series 2019-22A, Class ARR, 5.15% (3 mo. Term SOFR + 1.25%), 07/15/2036 <sup>(a)</sup> | 250000 | 250713 |
|  Palmer Square CLO Ltd., Series 2015-1A, Class A1A5, 4.92% (3 mo. Term SOFR + 1.05%), 05/21/2034 <sup>(a)</sup> | 250000 | 250121 |
|  Unity-Peace Park CLO Ltd., Series 2022-1A, Class A2, 5.63% (3 mo. Term SOFR + 1.75%), 04/20/2035 <sup>(a)</sup> | 425000 | 426420 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $1,889,856) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $1,889,856) | 1893665 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.1%** | **Shares** | **Value**  |
| **Money Market Funds - 0.1%** |  |  |
| GS Financial Square Government Fund - Institutional Class, 3.67% <sup>(e)</sup> | 228018 | 228018 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $228,018) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $228,018) | 228018 |
| **TOTAL INVESTMENTS - 98.6% (**Cost $159,068,900**)** | **TOTAL INVESTMENTS - 98.6% (**Cost $159,068,900**)** | 160700369 |
| Money Market Deposit Account - 0.6% <sup>(f)</sup> | Money Market Deposit Account - 0.6% <sup>(f)</sup> | 987332 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 1228544 |
| **TOTAL NET ASSETS - 100.0%** |  | $162916245 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |
| USISSO05- 5 Year US Dollar SOFR Swap Rate |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of December 31, 2025, the value of these securities total $45,831,983 or 28.1% of the Fund's net assets.

(b) All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $223,203.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the
 coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

(d) Step coupon bond. The rate disclosed is as of December 31, 2025.

(e) The rate shown represents the 7-day annualized yield as of December 31, 2025.

(f) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and
 is subject to change daily. The rate as of December 31, 2025 was 3.45%.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Utilizing the valuation procedures, the Valuation Oversight Committee ("VOC") determines the level in which each investment is characterized. The VOC includes finance, operations, legal, risk and compliance members of the Trust's Adviser, and the Trust's Chief Legal Officer and Chief Compliance Officer. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The VOC reviews the valuation procedure periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund's investments. The VOC also periodically evaluates how the Trust's investments are characterized within the three-tier hierarchy and the appropriateness of third-party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange traded prices, transaction prices, and/or observable vendor prices.

The inputs or methodologies used for characterizing each Fund's investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are modified to reflect the estimates of a change in value from the time of the closing valuation in the foreign market until the time of the NYSE close, in accordance with information provided by a foreign fair value service are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.

The following is a summary of the inputs used, as of December 31, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $62713831 | $– | $62713831 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 35668008 | – | 35668008 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 29059560 | – | 29059560 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 20591010 | – | 20591010 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 10546277 | – | 10546277 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 1893665 | – | 1893665 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 228018 | – | – | 228018 |
| Total Investments | $228018 | $160472351 | $– | $160700369 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Aristotle Fund Series Trust

- **b. Investment Company Act file number:** 811-23850

- **c. CIK number of Registrant:** 0001959372

- **d. LEI of Registrant:** 549300FDPZVU0VTJQB52

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

  - **Street Address 1:** 11000 Santa Monica Blvd

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90025

  - **Telephone number:** 3104784005

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

- **a. Name of Series:** Aristotle Core Bond Fund

- **b. EDGAR series identifier (if any):** S000080073

- **c. LEI of Series:** 549300FRIPQGRHTMPJ36

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $163317493.72

**Total Liabilities:** $366181.43

**Net Assets:** $162951312.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 909.639609000000 | **1-Year:** 4157.035713000000 | **5-Year:** 17790.115890000000 | **10-Year:** 47106.243055000000 | **30-Year:** 27070.787421000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 224.736223000000 | **5-Year:** 437.959349000000 | **10-Year:** 34.795133000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241714 | 0.61%                | 0.76%                | -0.25%               |
| Class ID C000241715 | 0.50%                | 0.77%                | -0.25%               |
| Class ID C000268437 |  |  | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $100841.98               | $130934.88                                 |
| Month 2  | $38757.80                | $552101.20                                 |
| Month 3  | $19745.67                | $-955318.63                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verus Securitization Trust     | Verus Securitization Trust 2025-R2                                              | CUSIP: 92541EAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $752260.80    | 0.46%             | 2067-07-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL         | American International Group Inc                                                | CUSIP: 026874DX2<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    470000 | PA      | $489780.57    | 0.30%             | 2035-05-07      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-9                                                 | CUSIP: 03466VAA0<br>LEI: 254900OJMXBRORE83E96 | Long             | ABS-MBS          | CORP              | US        |    531779 | PA      | $534145.22    | 0.33%             | 2070-08-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO        | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    350000 | PA      | $353889.03    | 0.22%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP         | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50789.74     | 0.03%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                                            | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    450000 | PA      | $395035.69    | 0.24%             | 2036-09-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | Bravo Residential Funding Trust 2025-Nqm3                                       | CUSIP: 105927AC1<br>LEI: 254900KREJHICFBDC014 | Long             | ABS-MBS          | CORP              | US        |    253307 | PA      | $255649.80    | 0.16%             | 2065-03-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2025-3 Mortgage Loan Trust                                                 | CUSIP: 12674LAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100356 | PA      | $100975.80    | 0.06%             | 2070-03-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust           | Cross 2025-H4 Mortgage Trust                                                    | CUSIP: 22790AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    576129 | PA      | $581835.43    | 0.36%             | 2070-06-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    516576 | PA      | $490437.54    | 0.30%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FEC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1382739 | PA      | $1380561.57   | 0.85%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FJK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    487201 | PA      | $451788.49    | 0.28%             | 2055-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FKM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1437762 | PA      | $1434979.21   | 0.88%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC           | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VBB5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250591.46    | 0.15%             | 2035-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP               | Kilroy Realty LP                                                                | CUSIP: 49427RAT9<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402031.48    | 0.25%             | 2035-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LMRK Issuer Co. LLC            | Lmrk Issuer Co 2 LLC                                                            | CUSIP: 50209AAH4<br>LEI: 549300TATF7H68SRLE80 | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151578.74    | 0.09%             | 2055-09-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA       | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $245101.14    | 0.15%             | 2027-12-15      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3435000 | PA      | $3309676.15   | 2.03%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $885093.75    | 0.54%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $96156.25     | 0.06%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VSP OPTICAL GROUP INC          | VSP Optical Group Inc                                                           | CUSIP: 91836LAA0<br>LEI: 549300PHX8USLM2BT742 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302109.95    | 0.19%             | 2035-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo | Velocity Commercial Capital Loan Trust 2025-5                                   | CUSIP: 92262KAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100411.76    | 0.06%             | 2055-12-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE         | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $727639.59    | 0.45%             | 2030-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                                                | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1310662.46   | 0.80%             | 2036-04-23      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP           | Westpac Banking Corp                                                            | CUSIP: 961214FW8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $516744.40    | 0.32%             | 2035-11-20      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                | DTE Electric Co                                                                 | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308506.82    | 0.19%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                | Fair Isaac Corp                                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    235000 | PA      | $242128.02    | 0.15%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140W0VT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1011086 | PA      | $1011163.50   | 0.62%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2023-NQM7 Trust                                                             | CUSIP: 67117XAA4<br>LEI: 254900K7TTKPUWNMSZ83 | Long             | ABS-MBS          | CORP              | US        |    788659 | PA      | $796248.56    | 0.49%             | 2063-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| PEACHTREE FUND TRUST II        | Peachtree Corners Funding Trust II                                              | CUSIP: 70470BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $264083.08    | 0.16%             | 2035-05-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                 | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $180994.47    | 0.11%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FJQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240764 | PA      | $228579.39    | 0.14%             | 2055-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                     | Fiserv Inc                                                                      | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242543.60    | 0.15%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM10 Trust                                                            | CUSIP: 67121LAA4<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-MBS          | CORP              | US        |    430540 | PA      | $434360.04    | 0.27%             | 2065-05-25      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru | SMB Private Education Loan Trust 2021-A                                         | CUSIP: 78448YAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80860 | PA      | $72909.48     | 0.04%             | 2053-01-15      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru | SMB Private Education Loan Trust 2024-A                                         | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    588583 | PA      | $598898.04    | 0.37%             | 2056-03-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    125000 | PA      | $84387.21     | 0.05%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust Series 2024-5                                              | CUSIP: 92348KDB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $258289.73    | 0.16%             | 2032-06-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEIR GROUP INC                 | Weir Group Inc                                                                  | CUSIP: 94877DAA2<br>LEI: 2138009WEPEV2V98AV65 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411172.09    | 0.25%             | 2030-05-06      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                     | PacifiCorp                                                                      | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50999.35     | 0.03%             | 2055-09-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| PHILLIPS EDISON GROCERY        | Phillips Edison Grocery Center Operating Partnership I LP                       | CUSIP: 71845JAC2<br>LEI: 549300WUPIVS6ZE0ZI51 | Long             | DBT              | CORP              | US        |    450000 | PA      | $445240.02    | 0.27%             | 2035-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                | CVS Health Corp                                                                 | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    350000 | PA      | $358395.36    | 0.22%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA             | Credit Agricole SA                                                              | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $349672.58    | 0.21%             | 2033-09-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DUL70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    762968 | PA      | $747337.85    | 0.46%             | 2054-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWPR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1441536 | PA      | $1438745.30   | 0.88%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140QVLH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    616567 | PA      | $639062.62    | 0.39%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    353962 | PA      | $364347.08    | 0.22%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST INDUSTRIAL LP            | First Industrial LP                                                             | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510585.22    | 0.31%             | 2031-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 36179Y5H3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1428227 | PA      | $1354924.35   | 0.83%             | 2054-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II        | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $502221.00    | 0.31%             | 2033-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP         | Extra Space Storage LP                                                          | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308606.10    | 0.19%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2073969 | PA      | $1980434.24   | 1.22%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE       | Northwestern Mutual Life Insurance Co/The                                       | CUSIP: 668138AA8<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    500000 | PA      | $388929.66    | 0.24%             | 2047-09-30      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER        | Southwestern Electric Power Co                                                  | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256974.14    | 0.16%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                                                | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    650000 | PA      | $664294.32    | 0.41%             | 2035-12-03      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2024-1 Mortgage Loan Trust                                                 | CUSIP: 19688TAA3<br>LEI: 2138001HZNOLT1K3WY73 | Long             | ABS-MBS          | CORP              | US        |    686457 | PA      | $691731.13    | 0.42%             | 2069-02-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA             | Credit Agricole SA                                                              | CUSIP: 22535WAN7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $422168.87    | 0.26%             | 2036-01-09      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD         | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BX9<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $260146.47    | 0.16%             | 2035-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HAMB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1010023.20   | 0.62%             | 2033-07-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FHV2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1054643 | PA      | $1001270.17   | 0.61%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2023-3                                               | CUSIP: 33846BAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150293.10    | 0.09%             | 2029-07-16      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/F | Ford Credit Auto Owner Trust 2024-REV1                                          | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $205241.42    | 0.13%             | 2036-08-15      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC          | Foundry JV Holdco LLC                                                           | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411162.33    | 0.25%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                 | OWN Equipment Fund I LLC                                                        | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81898 | PA      | $83144.34     | 0.05%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $303535.16    | 0.19%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                     | Allianz SE                                                                      | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $208426.40    | 0.13%             | 2033-10-30      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2700000 | PA      | $2661398.42   | 1.63%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-10                                                | CUSIP: 034940AA4<br>LEI: 254900CFOEUA52TRVZ51 | Long             | ABS-MBS          | CORP              | US        |    485799 | PA      | $486702.87    | 0.30%             | 2070-09-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWNM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1013788 | PA      | $1041508.34   | 0.64%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    523491 | PA      | $499112.37    | 0.31%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receiva | GM Financial Revolving Receivables Trust 2023-2                                 | CUSIP: 36268DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $105007.02    | 0.06%             | 2036-08-11      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWPG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    283666 | PA      | $283124.48    | 0.17%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Seasoned Credit Risk Transfer Trust Series 2025-1                               | CUSIP: 35563PYZ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    189730 | PA      | $165235.78    | 0.10%             | 2064-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd              | Magnetite XXII Ltd                                                              | CUSIP: 55954HAW2<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250712.75    | 0.15%             | 2036-07-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust     | Navient Student Loan Trust 2021-1                                               | CUSIP: 63942NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    113354 | PA      | $96860.97     | 0.06%             | 2069-12-26      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                   | NiSource Inc                                                                    | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516668.90    | 0.32%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM3 Trust                                                             | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |    288864 | PA      | $291919.65    | 0.18%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                                                      | CUSIP: 92343VHG2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    500000 | PA      | $495948.95    | 0.30%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361568.08    | 0.22%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2024-NQM11 Trust                                                            | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |    147506 | PA      | $149028.41    | 0.09%             | 2064-06-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM13 Trust                                                            | CUSIP: 67121UAA4<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |    434419 | PA      | $438525.68    | 0.27%             | 2065-05-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM1 Trust                                                             | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |    840594 | PA      | $848096.56    | 0.52%             | 2064-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable | OneMain Direct Auto Receivables Trust 2019-1                                    | CUSIP: 68267EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124000 | PA      | $123775.77    | 0.08%             | 2028-11-14      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                                       | CUSIP: 682680DB6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    550000 | PA      | $552704.27    | 0.34%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                                     | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    450000 | PA      | $440352.28    | 0.27%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2025-HOME1                                                                | CUSIP: 69382FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216041 | PA      | $217723.49    | 0.13%             | 2060-02-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Redaptive EAAS Issuer, LLC     | REDAPTIVE EAAS ISSUER 2025-1 LLC                                                | CUSIP: 757204AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100247.88    | 0.06%             | 2042-03-25      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust               | SLG Office Trust 2021-OVA                                                       | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $89512.89     | 0.05%             | 2041-07-15      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA         | Skandinaviska Enskilda Banken AB                                                | CUSIP: 830505BB8<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    300000 | PA      | $310514.71    | 0.19%             | 2029-03-05      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                   | AES Corp/The                                                                    | CUSIP: 00130HCM5<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769583.64    | 0.47%             | 2032-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103546.03    | 0.06%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-7                                                 | CUSIP: 03466TAA5<br>LEI: 254900QTRHHMG5RQ9X60 | Long             | ABS-MBS          | CORP              | US        |    376737 | PA      | $380707.88    | 0.23%             | 2070-06-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-8                                                 | CUSIP: 03466UAA2<br>LEI: 254900WZRTR935QJJ709 | Long             | ABS-MBS          | CORP              | US        |    423512 | PA      | $427066.45    | 0.26%             | 2070-07-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG LTD       | Aspen Insurance Holdings Ltd                                                    | CUSIP: 04530DAE2<br>LEI: 549300YX6HECG9XQCQ75 | Long             | DBT              | CORP              | BM        |    357000 | PA      | $372467.19    | 0.23%             | 2030-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING          | Athene Global Funding                                                           | CUSIP: 04685A4S7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150577.03    | 0.09%             | 2035-08-22      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $256955.49    | 0.16%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2022-1 LLC                                                                  | CUSIP: 55400UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    679584 | PA      | $677253.92    | 0.42%             | 2039-11-21      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                                                  | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531533.25    | 0.33%             | 2035-04-19      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust     | Navient Private Education Refi Loan Trust 2024-A                                | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    767891 | PA      | $786775.63    | 0.48%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM6 Trust                                                             | CUSIP: 67448UAA0<br>LEI: 254900W46UQEWQMYYZ02 | Long             | ABS-MBS          | CORP              | US        |    236183 | PA      | $238641.23    | 0.15%             | 2065-03-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY        | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCU6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    400000 | PA      | $388548.56    | 0.24%             | 2054-06-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd          | Palmer Square CLO 2015-1 Ltd                                                    | CUSIP: 69689ABU3<br>LEI: 5493006ZPBFJJGSXB826 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250120.80    | 0.15%             | 2034-05-21      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE       | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $607284.36    | 0.37%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    263182 | PA      | $256768.54    | 0.16%             | 2054-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    292284 | PA      | $292094.30    | 0.18%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2025-NQM2                                   | CUSIP: 36272EAA2<br>LEI: 254900WJFO182DZH8M35 | Long             | ABS-MBS          | CORP              | US        |    290219 | PA      | $293416.27    | 0.18%             | 2065-06-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP LP           | Kite Realty Group LP                                                            | CUSIP: 49803XAG8<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153574.78    | 0.09%             | 2032-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST             | Seasoned Loans Structured Transaction Trust Series 2025-2                       | CUSIP: 35564C2J5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    390204 | PA      | $366770.63    | 0.23%             | 2035-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1006829 | PA      | $906472.12    | 0.56%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 36179XHX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2819334 | PA      | $2683474.07   | 1.65%             | 2052-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5JA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    342929 | PA      | $324273.22    | 0.20%             | 2055-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu | GreenSky Home Improvement Issuer Trust 2025-3                                   | CUSIP: 39571WAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250173.85    | 0.15%             | 2060-12-27      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO       | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $179655.56    | 0.11%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFRA 2024-NQM3 Trust                                                            | CUSIP: 55287GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    794362 | PA      | $801161.50    | 0.49%             | 2069-12-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC       | Willis North America Inc                                                        | CUSIP: 970648AQ4<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350166.39    | 0.21%             | 2036-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5KT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1232912 | PA      | $1165550.86   | 0.72%             | 2055-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                                               | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1238605.22   | 0.76%             | 2036-03-03      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO       | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    100000 | PA      | $110542.52    | 0.07%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KITE REALTY GROUP LP           | Kite Realty Group LP                                                            | CUSIP: 49803XAF0<br>LEI: 549300X6R2GYI8Y3OD81 | Long             | DBT              | CORP              | US        |    400000 | PA      | $407175.66    | 0.25%             | 2031-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER        | Laboratory Corp of America Holdings                                             | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397391.62    | 0.24%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2024-2                                                         | CUSIP: 30336NAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $299048.88    | 0.18%             | 2030-06-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWJL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    197840 | PA      | $201075.95    | 0.12%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FMJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    944518 | PA      | $958230.52    | 0.59%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-4                                                 | CUSIP: 034935AA4<br>LEI: 254900VBIBOATGC48K85 | Long             | ABS-MBS          | CORP              | US        |    256767 | PA      | $260051.19    | 0.16%             | 2070-04-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2025-NQM4                                       | CUSIP: 10570QAE1<br>LEI: 25490082TY9NA9XBGW19 | Long             | ABS-MBS          | CORP              | US        |    166278 | PA      | $168168.89    | 0.10%             | 2065-02-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US LLC             | RWE Finance US LLC                                                              | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497384.06    | 0.31%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC         | Roper Technologies Inc                                                          | CUSIP: 776696AJ5<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249542.31    | 0.15%             | 2034-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MEA4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $512373.86    | 0.31%             | 2036-07-08      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note | Toyota Auto Loan Extended Note Trust 2023-1                                     | CUSIP: 89231WAA1<br>LEI: 5493000KI9FC40RVHF71 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255807.53    | 0.16%             | 2036-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS          | Universal Health Services Inc                                                   | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    550000 | PA      | $553061.87    | 0.34%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                  | DTE Energy Co                                                                   | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160042.50    | 0.10%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                                                                | CUSIP: 26441CCJ2<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99215.79     | 0.06%             | 2035-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWNY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    801969 | PA      | $823931.32    | 0.51%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    600000 | PA      | $620898.67    | 0.38%             | 2036-07-23      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP               | Kilroy Realty LP                                                                | CUSIP: 49427RAS1<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258572.67    | 0.16%             | 2036-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FEA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    993375 | PA      | $943108.01    | 0.58%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5ET2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    305267 | PA      | $297826.78    | 0.18%             | 2055-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1765369.13   | 1.08%             | 2036-01-28      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                                               | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $311110.78    | 0.19%             | 2030-03-04      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2025-NQM2                                       | CUSIP: 46590SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    228598 | PA      | $230809.00    | 0.14%             | 2065-09-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                 | OWN Equipment Fund II LLC                                                       | CUSIP: 690912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    279125 | PA      | $281792.54    | 0.17%             | 2033-09-26      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                                                  | CUSIP: 023135CW4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390692.70    | 0.24%             | 2055-11-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                                                                       | CUSIP: 031162CR9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $78905.77     | 0.05%             | 2040-02-21      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA             | Banco Santander SA                                                              | CUSIP: 05971KAS8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $400013.96    | 0.25%             | 2035-11-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282598.45    | 0.17%             | 2037-03-08      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                | Nordea Bank Abp                                                                 | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    400000 | PA      | $411779.60    | 0.25%             | 2033-11-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM4 Trust                                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |    197173 | PA      | $198670.35    | 0.12%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM7 Trust                                                             | CUSIP: 67121DAA2<br>LEI: 2549008GB179CC65SK60 | Long             | ABS-MBS          | CORP              | US        |    245878 | PA      | $248352.41    | 0.15%             | 2055-05-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM14 Trust                                                            | CUSIP: 673924AC0<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |    136335 | PA      | $137049.01    | 0.08%             | 2065-07-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   1056016 | NS      | $1056015.95   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810SU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $279560.55    | 0.17%             | 2051-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2024-NQM5                                       | CUSIP: 105925AA9<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    156113 | PA      | $157559.82    | 0.10%             | 2064-06-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP       | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $142434.39    | 0.09%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                                                   | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302935.93    | 0.19%             | 2036-09-11      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                                                    | CUSIP: 20030NEQ0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    225000 | PA      | $222478.94    | 0.14%             | 2055-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: —       |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-3                                      | CUSIP: 30166YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261147 | PA      | $264572.42    | 0.16%             | 2028-09-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX        | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX    | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $421000.00    | 0.26%             | 2035-02-11      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC        | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490996.61    | 0.30%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2025-NQM5                                       | CUSIP: 10569RAC6<br>LEI: 254900HGOJX787MBR512 | Long             | ABS-MBS          | CORP              | US        |    410472 | PA      | $414115.22    | 0.25%             | 2065-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                                | CUSIP: 50212YAP9<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    450000 | PA      | $459148.02    | 0.28%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MPLX LP                        | MPLX LP                                                                         | CUSIP: 55336VCB4<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    450000 | PA      | $452563.42    | 0.28%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust   | Navient Refinance Loan Trust 2025-B                                             | CUSIP: 63943NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94394 | PA      | $94167.18     | 0.06%             | 2055-09-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER CO                | Nevada Power Co                                                                 | CUSIP: 641423CF3<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |    550000 | PA      | $553997.85    | 0.34%             | 2053-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $82962.89     | 0.05%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP               | Ventas Realty LP                                                                | CUSIP: 92277GBC0<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    450000 | PA      | $447251.81    | 0.27%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT       | Western Midstream Operating LP                                                  | CUSIP: 958667AH0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99983.00     | 0.06%             | 2031-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA             | Banco Santander SA                                                              | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $400523.36    | 0.25%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HDVA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1556790.30   | 0.96%             | 2031-05-25      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199776.86    | 0.12%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1                   | CUSIP: 35563PJF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    832045 | PA      | $814551.41    | 0.50%             | 2058-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AGREE LP                       | Agree LP                                                                        | CUSIP: 008513AF0<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315005.91    | 0.19%             | 2035-06-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO 2024-NQM6                                                                 | CUSIP: 05613JAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    591457 | PA      | $594706.08    | 0.36%             | 2064-08-01      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                                            | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1199705.12   | 0.74%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                    | BNP Paribas SA                                                                  | CUSIP: 09659W3A0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $630424.90    | 0.39%             | 2033-01-13      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2023-NQM4                                       | CUSIP: 10569YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59845 | PA      | $60088.38     | 0.04%             | 2063-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2025-NQM7                                       | CUSIP: 10570TAP0<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |    325047 | PA      | $328174.57    | 0.20%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART         | Brixmor Operating Partnership LP                                                | CUSIP: 11120BAA5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    450000 | PA      | $472997.04    | 0.29%             | 2035-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2022-N1                                          | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135065 | PA      | $134255.53    | 0.08%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Citicorp Homeowners, Inc.      | CHI Commercial Mortgage Trust 2025-SFT                                          | CUSIP: 16706GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102606.28    | 0.06%             | 2042-04-15      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                                | CUSIP: 3132DWL43<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    989218 | PA      | $1016297.72   | 0.62%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418ESR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1079564 | PA      | $1029332.74   | 0.63%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2025-NQM1 Trust                                                            | CUSIP: 36171GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    404929 | PA      | $407847.89    | 0.25%             | 2069-11-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II        | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $408329.51    | 0.25%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5EV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    296839 | PA      | $300232.72    | 0.18%             | 2055-01-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5JB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    308677 | PA      | $301057.55    | 0.18%             | 2055-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5JD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    212174 | PA      | $214736.37    | 0.13%             | 2055-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC            | Global Payments Inc                                                             | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497162.15    | 0.31%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $805910.72    | 0.49%             | 2029-10-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198895.74    | 0.12%             | 2029-04-23      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu | GreenSky Home Improvement Issuer Trust 2025-2                                   | CUSIP: 39571VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101449.37    | 0.06%             | 2060-06-25      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                                             | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2204066.00   | 1.35%             | 2036-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC           | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    300000 | PA      | $273976.34    | 0.17%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE       | Northwestern Mutual Life Insurance Co/The                                       | CUSIP: 668138AF7<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424905.44    | 0.26%             | 2055-05-29      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                                         | CUSIP: 404119DF3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246681.63    | 0.15%             | 2035-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                     | HEICO Corp                                                                      | CUSIP: 422806AB5<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519361.42    | 0.32%             | 2033-08-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HIGH STREET FD TRUST III       | High Street Funding Trust III                                                   | CUSIP: 42981FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $747709.40    | 0.46%             | 2055-02-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP       | Host Hotels & Resorts LP                                                        | CUSIP: 44107TBB1<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259001.28    | 0.16%             | 2034-07-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                   | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $337232.74    | 0.21%             | 2040-01-13      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA        | Hyundai Capital America                                                         | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50469.20     | 0.03%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                                                  | CUSIP: 023135CV6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348721.40    | 0.21%             | 2035-11-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2025-NQM1                                       | CUSIP: 46593QAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166048 | PA      | $167634.38    | 0.10%             | 2065-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN        | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156668.45    | 0.10%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER        | American Electric Power Co Inc                                                  | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496602.72    | 0.30%             | 2056-03-15      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-3                                                 | CUSIP: 03466RAA9<br>LEI: 254900U85BAJNPG0MG65 | Long             | ABS-MBS          | CORP              | US        |    127940 | PA      | $128882.02    | 0.08%             | 2070-03-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-6                                                 | CUSIP: 034937AA0<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-MBS          | CORP              | US        |    592850 | PA      | $598492.85    | 0.37%             | 2070-04-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust       | Angel Oak Mortgage Trust 2025-13                                                | CUSIP: 034952AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $751874.10    | 0.46%             | 2070-10-25      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD             | Athene Holding Ltd                                                              | CUSIP: 04686JAL5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    375000 | PA      | $382221.61    | 0.23%             | 2055-05-19      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND           | Atlas Warehouse Lending Co LP                                                   | CUSIP: 049463AG7<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501929.49    | 0.31%             | 2030-11-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                | BAE Systems PLC                                                                 | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $517957.30    | 0.32%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust     | BofA Auto Trust 2025-1                                                          | CUSIP: 05594BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $455066.78    | 0.28%             | 2031-11-20      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                    | BNP Paribas SA                                                                  | CUSIP: 05602XQR2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $602854.20    | 0.37%             | 2033-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BPCE SA                        | BPCE SA                                                                         | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $256742.26    | 0.16%             | 2031-05-28      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE       | Banco Mercantil del Norte SA/Grand Cayman                                       | CUSIP: 05971PAC2<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $532164.22    | 0.33%             | 2030-10-14      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA            | Bank of Nova Scotia/The                                                         | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $416252.80    | 0.26%             | 2085-04-27      | Variable      | 7.35%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                                                    | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $261791.47    | 0.16%             | 2036-02-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                  | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    450000 | PA      | $498019.55    | 0.31%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART         | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAM5<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206654.16    | 0.13%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd        | Buttermilk Park CLO Ltd                                                         | CUSIP: 124166AQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    127642 | PA      | $127659.95    | 0.08%             | 2031-10-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2024-N2                                          | CUSIP: 14687VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $408299.44    | 0.25%             | 2030-09-10      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | COLT 2023-3 Mortgage Loan Trust                                                 | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-MBS          | CORP              | US        |    286896 | PA      | $290284.90    | 0.18%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust           | Lhome Mortgage Trust 2025-Rtl2                                                  | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $504066.05    | 0.31%             | 2040-04-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                                | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308981.94    | 0.19%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2025-NQM2 Trust                                                             | CUSIP: 55287MAA7<br>LEI: 254900SDE8K3K1E63161 | Long             | ABS-MBS          | CORP              | US        |    562595 | PA      | $567739.90    | 0.35%             | 2070-05-27      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                                                     | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211026.00    | 0.13%             | 2055-03-15      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM18 Trust                                                            | CUSIP: 673918AC2<br>LEI: 254900JLM1WC0WGYCA96 | Long             | ABS-MBS          | CORP              | US        |    288715 | PA      | $289843.62    | 0.18%             | 2065-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $566113.77    | 0.35%             | 2034-10-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTN       | Piedmont Operating Partnership LP                                               | CUSIP: 720198AK6<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |    350000 | PA      | $353771.47    | 0.22%             | 2033-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru | SMB Private Education Loan Trust 2023-B                                         | CUSIP: 78449HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    385067 | PA      | $386467.19    | 0.24%             | 2056-10-16      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                   | UBS Group AG                                                                    | CUSIP: 225401BM9<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $398170.47    | 0.24%             | 2031-09-23      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                              | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    700000 | PA      | $724962.57    | 0.44%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru | SMB Private Education Loan Trust 2022-B                                         | CUSIP: 83206NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    604760 | PA      | $591213.05    | 0.36%             | 2055-02-16      | Fixed         | 3.94%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru | SMB Private Education Loan Trust 2024-D                                         | CUSIP: 83207QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391691 | PA      | $399236.04    | 0.25%             | 2053-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 3140XNKL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    851789 | PA      | $790328.90    | 0.49%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                                 | CUSIP: 31418FEB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1030616 | PA      | $1006947.91   | 0.62%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5480000 | PA      | $5526665.60   | 3.39%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                                                      | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203350.02    | 0.12%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE         | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99844.45     | 0.06%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO       | Virginia Electric and Power Co                                                  | CUSIP: 927804GS7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    450000 | PA      | $436587.91    | 0.27%             | 2054-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust     | Navient Private Education Refi Loan Trust 2021-A                                | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68735 | PA      | $63137.09     | 0.04%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL             | nVent Finance Sarl                                                              | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $225680.28    | 0.14%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                        | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    600000 | PA      | $619729.20    | 0.38%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                     | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $637513.64    | 0.39%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    100000 | PA      | $102264.40    | 0.06%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI       | SMBC Aviation Capital Finance DAC                                               | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    600000 | PA      | $600467.66    | 0.37%             | 2035-11-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer         | Service Experts Issuer 2025-1 LLC                                               | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     92940 | PA      | $93037.10     | 0.06%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru | SMB Private Education Loan Trust 2025-A                                         | CUSIP: 83207EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    558623 | PA      | $565490.83    | 0.35%             | 2054-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Progr | SoFi Professional Loan Program 2021-B Trust                                     | CUSIP: 83405NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245321 | PA      | $213368.16    | 0.13%             | 2047-02-15      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA Inc                                                                | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256431.90    | 0.16%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note | Toyota Auto Loan Extended Note Trust 2025-1                                     | CUSIP: 891950AA5<br>LEI: 254900QVX5SBHB37FT67 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254682.48    | 0.16%             | 2038-05-25      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP          | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                        | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $631493.15    | 0.39%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MARS INC                       | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1131014.17   | 0.69%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UPG HI Issuer Trust            | UPG HI 2025-2 Issuer Trust                                                      | CUSIP: 90321EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100089.03    | 0.06%             | 2047-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $193417.97    | 0.12%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $349521.49    | 0.21%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $344011.72    | 0.21%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-3                   | CUSIP: 35563P4U0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    211681 | PA      | $185754.41    | 0.11%             | 2061-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 36179WQB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    966287 | PA      | $869971.16    | 0.53%             | 2051-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                              | CUSIP: 3618N5GN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    330848 | PA      | $330472.63    | 0.20%             | 2055-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $984824.22    | 0.60%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16535000 | PA      | $17167011.68  | 10.54%            | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MASS MUTUAL LIFE INS CO        | Massachusetts Mutual Life Insurance Co                                          | CUSIP: 575767AT5<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    450000 | PA      | $434825.39    | 0.27%             | 2052-12-01      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP         | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822DQ4<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $406557.34    | 0.25%             | 2036-09-12      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1785501.72   | 1.10%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust     | Navient Student Loan Trust 2019-B                                               | CUSIP: 63941LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    159584 | PA      | $157024.61    | 0.10%             | 2059-12-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3375000 | PA      | $3399785.16   | 2.09%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Unity-Peace Park CLO, Ltd.     | Unity-Peace Park CLO Ltd                                                        | CUSIP: 913318AC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    425000 | PA      | $426419.80    | 0.26%             | 2035-04-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust     | Navient Student Loan Trust 2020-2                                               | CUSIP: 63942HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91890 | PA      | $81364.07     | 0.05%             | 2069-08-26      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust   | Navient Education Loan Trust 2025-A                                             | CUSIP: 63943EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178545 | PA      | $180565.52    | 0.11%             | 2055-07-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                                                      | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    600000 | PA      | $470391.31    | 0.29%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust      | Nelnet Student Loan Trust 2025-D                                                | CUSIP: 639931AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $198862.98    | 0.12%             | 2054-08-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN       | Northern States Power Co/MN                                                     | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509855.88    | 0.31%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    550000 | PA      | $527141.93    | 0.32%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP           | Targa Resources Corp                                                            | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    400000 | PA      | $436704.53    | 0.27%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK          | Toronto-Dominion Bank/The                                                       | CUSIP: 89116C4H7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $407132.40    | 0.25%             | 2085-10-31      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                   | UBS Group AG                                                                    | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    550000 | PA      | $595235.85    | 0.37%             | 2031-04-12      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC        | AEP Transmission Co LLC                                                         | CUSIP: 00115AAS8<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    550000 | PA      | $568677.37    | 0.35%             | 2035-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    450000 | PA      | $301378.72    | 0.18%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR       | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    550000 | PA      | $569997.74    | 0.35%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABA8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $301722.00    | 0.19%             | 2030-10-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Basswood Park CLO Ltd          | Basswood Park CLO Ltd                                                           | CUSIP: 070252AL5<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250747.75    | 0.15%             | 2034-04-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC           | Beignet Investor LLC                                                            | CUSIP: 076912AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $528704.32    | 0.32%             | 2049-05-30      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC              | Brown & Brown Inc                                                               | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307802.15    | 0.19%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC              | CBRE Services Inc                                                               | CUSIP: 12505BAL4<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150775.58    | 0.09%             | 2033-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                 | CarVal CLO I Ltd                                                                | CUSIP: 146865AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    587124 | PA      | $588003.68    | 0.36%             | 2031-07-16      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                                                   | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    800000 | PA      | $817413.85    | 0.50%             | 2031-05-07      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                                                   | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    225000 | PA      | $228753.40    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| COLONIAL ENTERPRISES INC       | Colonial Enterprises Inc                                                        | CUSIP: 19565CAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $555847.37    | 0.34%             | 2035-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BROADSTONE NET LEASE LLC       | Broadstone Net Lease LLC                                                        | CUSIP: 11134GAA8<br>LEI: 54930089IBT6J4WBTI50 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301215.19    | 0.18%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADSTONE NET LEASE LLC       | Broadstone Net Lease LLC                                                        | CUSIP: 11135EAA2<br>LEI: 54930089IBT6J4WBTI50 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177270.34    | 0.11%             | 2031-09-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-B                                   | CUSIP: 12630SAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500918.60    | 0.31%             | 2029-11-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                                      | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522124.35    | 0.32%             | 2036-01-30      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust            | GS Financial Square Government Fund                                             | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |    228018 | NS      | $228017.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Aristotle Fund Series Trust

**Signature:** /s/ Josh Schwab

**Name of Signer:** Aristotle Fund Series Trust

**Title:** Treasurer