# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-154352
**Filing Date:** 2025-6
**Character Count:** 70100
**Document Hash:** 1e11ba769414a76575920cb418a8cde0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154352.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154352

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251071211

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Multi-Asset Income Fund (Series ID: S000072840)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229469 | Westwood Multi-Asset Income Fund Institutional Shares | WHGHX           |
| C000229470 | Westwood Multi-Asset Income Fund A Class Shares       | WSDAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** WESTWOOD MULTI-ASSET INCOME FUND

- **b. EDGAR series identifier (if any):** S000072840

- **c. LEI of Series:** 54930028Q7KDCMZHDO55

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $105832050.39

**Total Liabilities:** $749446.46

**Net Assets:** $105082603.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 32.17743620 | **1-Year:** 716.17347040 | **5-Year:** 3614.55392273 | **10-Year:** 6383.02795769 | **30-Year:** 7645.20460267

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

- **3-Month:** 120.28813020 | **1-Year:** 2656.68132224 | **5-Year:** 7848.77523496 | **10-Year:** 1195.25766466 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229469 | 1.01%                | -1.67%               | -2.19%               |
| Class ID C000229470 | 0.99%                | -1.67%               | -2.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $255497.36               | $34080.51                                  |
| Month 2  | $-77444.58               | $-2261574.35                               |
| Month 3  | $-1209953.45             | $-1689472.88                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fnma Pass-Thru I                                                                     | Federal Home Loan Mortgage Corporation 4.000%, Due 10/01/2052            | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    505171 | PA      | $470694.41    | 0.45%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI Properties LP 5.125%, Due 05/15/32                                  | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978569.36    | 0.93%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                         | National Australia Bank Ltd 6.429%, Due 01/12/33                         | CUSIP: 632525BC4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | US        |    485000 | PA      | $508980.64    | 0.48%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Blackline Inc                                                                        | BlackLine Inc 1.0% Due 6/01/2029                                         | CUSIP: 09239BAE9<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986267.07    | 0.94%             | 2029-06-01      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| SouthState Corp.                                                                     | South State Corporation                                                  | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      3693 | NS      | $320478.54    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | Consolidated Edison Company 3.85%, Due 06/15/2046                        | CUSIP: 209111FH1<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |    750000 | PA      | $575269.79    | 0.55%             | 2046-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO Group Inc/The 8.625% Due 04/15/2029                                  | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1051247.77   | 1.00%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Five Corners Funding Trust IV                                                        | Five Corners Funding Trust IV 5.997%, Due 02/15/53                       | CUSIP: 33835PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $576449.02    | 0.55%             | 2053-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | Kinder Morgan, Inc.                                                      | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     13443 | NS      | $353550.90    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 6.400%, Due 10/01/2054                                     | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    450000 | PA      | $410214.56    | 0.39%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Discover Financial Services Inc.                                                     | Discover Financial Services                                              | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |      2985 | NS      | $545269.95    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                                                         | General Dynamics Corporation                                             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2746 | NS      | $747241.52    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Magic MergeCo Inc                                                                    | Michaels Cos Inc/The 7.875% Due 05/01/2029                               | CUSIP: 55916AAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $343353.10    | 0.33%             | 2029-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                          | RenaissanceRe Holdings Ltd 5.75%, Due 06/05/2033                         | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | US        |    230000 | PA      | $234517.07    | 0.22%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | WNM5 US ULTRA BOND CBT                                                   | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        44 | NS      | $57298.12     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                                                           | Amgen, Inc.                                                              | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1225 | NS      | $356377.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                                                             | Service Properties Trust 8.875%, Due 06/15/32                            | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963530.00    | 0.92%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Golar LNG Limited                                                                    | Golar LNG Ltd 7.25%, Due 09/19/2029                                      | CUSIP: G4023LAC5<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $998877.59    | 0.95%             | 2029-09-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC/ NGL Energy Finance Corp                                    | NGL Energy Operating LLC / NGL Energy Finance Corp 8.125%, Due 2/15/2029 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $939458.50    | 0.89%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC Holdings PLC Floating rate, Due 12/31/2049                          | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |    615000 | PA      | $638732.24    | 0.61%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | Ares Capital Corporation 7.000%, Due  01/15/27                           | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    735000 | PA      | $754992.27    | 0.72%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                      | CVR Energy Inc 8.5%, Due 1/15/2029                                       | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $919049.50    | 0.87%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Corecivic Inc                                                                        | CoreCivic Inc 8.25%, Due 4/15/2029                                       | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1053871.00   | 1.00%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. REIT                                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      1473 | NS      | $411187.95    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corporation                                                             | DISH Network Corp 11.75% Due 11/15/2027                                  | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1051560.69   | 1.00%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC 6.384%, Due 10/23/35               | CUSIP: 161175AZ7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1010683.12   | 0.96%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corporation                                          | International Business Machines Corporation                              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3445 | NS      | $833069.90    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                                                        | Staples, Inc. 10.750%, Due 09/01/29                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $869688.06    | 0.83%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | Hewlett Packard Enterprise Company                                       | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |     11850 | NS      | $594870.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                   | America Movil SAB de CV 5.375%, Due 04/04/2032                           | CUSIP: 03217KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $343113.91    | 0.33%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| GrafTech Global Enterprises Inc.                                                     | GrafTech Global Enterprises Inc 9.875% Due 12/23/2029                    | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $750000.00    | 0.71%             | 2029-12-23      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Avation Capital SA                                                                   | Avation Capital SA 8.250%, Due 10/31/26                                  | CUSIP: 05351CAA5<br>LEI: 54930056OEYSV06OMD90 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1215625.00   | 1.16%             | 2026-10-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | NVIDIA Corp Call @ $130, Expiring July 2025                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -66 | NS      | $-20130.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 7.375%, Due 05/13/2055              | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    750000 | PA      | $742268.27    | 0.71%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| 1261229 Bc Ltd.                                                                      | 1261229 BC Ltd 10.00% Due 04/15/2032                                     | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $978463.40    | 0.93%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Jackson Financial Inc                                                                | Jackson Financial, Inc. 4.00%, DUE 11/23/2051                            | CUSIP: 46817MAN7<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |    500000 | PA      | $332033.70    | 0.32%             | 2051-11-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.000%, Due 01/01/2053            | CUSIP: 3132DWF57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    466193 | PA      | $456925.06    | 0.43%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                  | Rithm Capital Corporation 8.000%, Due 04/01/29                           | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998808.40    | 0.95%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corporation                                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      6617 | NS      | $720723.64    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital Private Credit Fund                                                    | Golub Capital Private Credit Fund 5.875% Due 05/01/2030                  | CUSIP: 38179RAC9<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |    890000 | PA      | $872063.05    | 0.83%             | 2030-05-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSC Holdings, LLC 11.250%, Due 05/15/28                                  | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977515.00    | 0.93%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                                            | NextEra Energy Operating Partners LP 7.25% Due 1/15/2029                 | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989954.00    | 0.94%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership LP / MPT Finance Corp 8.5% Due 2/15/2032       | CUSIP: 55342UAQ7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    750000 | PA      | $763645.50    | 0.73%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC Holdings PLC 6.547%, Due 06/20/34                                   | CUSIP: 404280DX4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |    665000 | PA      | $694198.56    | 0.66%             | 2034-06-20      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Ultimus Managers Trust                                                               | Westwood Salient Enhanced Energy Income ETF                              | CUSIP: 90386K571<br>LEI: 549300FU214TAR7BFY91 | Long             | EC               | RF                | US        |     18861 | NS      | $371514.55    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | Cleveland-Cliffs, Inc. 7.000%, Due 03/15/32                              | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $937190.75    | 0.89%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc.                                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      3080 | NS      | $527788.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infra Escrow Holdings LLC                                                       | FTAI Infra Escrow Holdings LLC 10.5%, Due 6/1/2027                       | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1034938.00   | 0.98%             | 2027-06-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| The TJX Companies Inc.                                                               | TJX Companies, Inc. (The)                                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      6456 | NS      | $830758.08    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings Inc 7.2%, Due 10/30/2034                                    | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    725000 | PA      | $678945.09    | 0.65%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet, Inc. Class A                                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5103 | NS      | $810356.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Midstream Partners LP / Martin Midstream Finance Corp                         | Martin Midstream Partners LP 11.500%, Due 02/15/28                       | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1037100.00   | 0.99%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Office Properties Income Trust                                                       | Office Properties Income Trust 9.000%, Due 09/30/29                      | CUSIP: 67623CAJ8<br>LEI: 529900A38AW14ELBTL34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $741875.00    | 0.71%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | Iron Mountain, Inc. 7.000%, Due 02/15/29                                 | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026867.00   | 0.98%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.                                                    | Enterprise Products Partners L.P.                                        | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     17059 | NS      | $510064.10    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Intel Corp Call @ $25, Expiring July 2025                                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -175 | NS      | $-7875.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 4.0% Due 03/31/2030                     | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1035000 | PA      | $1046401.17   | 1.00%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | UXYM5 US 10YR ULTRA JUN 2025                                             | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        25 | NS      | $34297.63     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Incorporated                                                | CHS / Community Health Systems, Inc. 10.875%, Due 01/15/2032             | CUSIP: 12543DBN9<br>LEI: 549300BQWM4WENQ3YW73 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $1036995.18   | 0.99%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                       | Blackstone Private Credit Fund 7.050%, Due 09/29/2025                    | CUSIP: 09261HBA4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006724.30   | 0.96%             | 2025-09-29      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences, Inc.                                                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      7822 | NS      | $833355.88    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer, L.P.                                                    | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     42981 | NS      | $710905.74    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC                                                                   | Vodafone Group plc 4.875%, due 06/19/2049                                | CUSIP: 92857WBS8<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $421026.60    | 0.40%             | 2049-06-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.500%, Due 04/01/2053            | CUSIP: 3132DP3N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    465136 | PA      | $465192.01    | 0.44%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | Goldman Sachs Group, Inc. (The)                                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1751 | NS      | $958760.05    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Commscope LLC                                                                        | CommScope LLC 9.5%, Due 12/15/2031                                       | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022703.16   | 0.97%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Devon Energy Corporation                                                             | Devon Energy Corporation                                                 | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      6507 | NS      | $197877.87    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| W & T Offshore Inc.                                                                  | W&T Offshore Inc 10.75%, Due 02/01/2029                                  | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $788291.80    | 0.75%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Public Storage                                                                       | Public Storage REIT                                                      | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1652 | NS      | $496310.36    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.625%, Due 02/15/2035                               | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1035000 | PA      | $1072033.59   | 1.02%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 6.992%, Due 06/13/29                                | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    590000 | PA      | $612301.32    | 0.58%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                                                                 | Barrick Gold Corporation                                                 | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     20965 | NS      | $399173.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                 | Sumitomo Mitsui Financial Group, Inc. ADR                                | CUSIP: 86562M209<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     36879 | NS      | $523681.80    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                                                   | Altria Group, Inc.                                                       | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     10245 | NS      | $605991.75    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                               | Intesa Sanpaolo S.p.A. 7.778%, Due 06/20/54                              | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | US        |    360000 | PA      | $387432.65    | 0.37%             | 2054-06-20      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy, Inc. 5.900%, Due 04/18/2064                          | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    460000 | PA      | $409156.33    | 0.39%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                              | Connect Finco SARL / Connect US Finco LLC 9.0%, Due 9/15/2029            | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $935300.10    | 0.89%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Nasdaq Equity Premium Income ETF                                | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     18744 | NS      | $962316.96    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 7/17/2025                                 | CUSIP: 912797PE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1982099.64   | 1.89%             | 2025-07-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                                                             | Darden Restaurants, Inc. 4.550%, Due 02/15/2048                          | CUSIP: 237194AM7<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |    790000 | PA      | $635963.87    | 0.61%             | 2048-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership, L.P. 4.625%, Due 08/01/2029                   | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $950064.94    | 0.90%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings Inc                                                       | AMC ENTERTAINMENT HOLDINGS, INC. 7.50%, DUE 02/15/2029                   | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |    750000 | PA      | $517335.00    | 0.49%             | 2029-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company                                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7623 | NS      | $541309.23    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mars Inc.                                                                            | Mars Inc 5.7% Due 11/1/2025                                              | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    320000 | PA      | $315809.64    | 0.30%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Company                                                                   | Ford Motor Credit Company, LLC 7.45%, Due 07/16/31                       | CUSIP: 345370CA6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1054323.18   | 1.00%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 5/29/2025                                 | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2491802.70   | 2.37%             | 2025-05-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                            | RR Donnelley & Sons Co 9.5% Due 08/01/2029                               | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    750000 | PA      | $716587.50    | 0.68%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PepsiCo, Inc.                                                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      4232 | NS      | $573774.56    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BLH Escrow 1 LLC                                                                     | Brightline East LLC 11.000%, Due 01/31/2030                              | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $815000.00    | 0.78%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| The Boeing Company                                                                   | Boeing Company (The) 5.805%, Due 05/01/2050                              | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $938032.79    | 0.89%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FedEx Corporation                                                        | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1748 | NS      | $367656.84    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                      | Icahn Enterprises 10.0%, Due 11/15/2029                                  | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1222241.00   | 1.16%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Audacy Special Warrants                                                              | Audacy Special Warrants                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      4483 | NS      | $87418.50     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings, Inc. 6.750%, Due 06/15/2054             | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    570000 | PA      | $576321.87    | 0.55%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                                               | Aptiv PLC / Aptiv Global Financing DAC 6.875%, Due 12/15/2054            | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $936671.40    | 0.89%             | 2054-12-15      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Sixth Street Lending Partners                                                        | Sixth Street Lending Partners 5.75%, Due 01/15/2030                      | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493869.58    | 0.47%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                      | Sinclair Television Group Inc 8.125% Due 2/15/2033                       | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    919000 | PA      | $908123.64    | 0.86%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | Truist Financial Corporation                                             | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     11928 | NS      | $457319.52    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Audacy 2nd Lien Warrants NOT subject to black scholes protection                     | Audacy 2nd Lien Warrants NOT subject to black scholes protection         | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |       906 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Telesat Canada /Telesat LLC                                                          | Telesat Canada / Telesat LLC 4.875%, Due 06/01/2027                      | CUSIP: 87952VAP1<br>LEI: 5493004V5GLBY6SO5Y34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $535927.10    | 0.51%             | 2027-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corporation                                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1839 | NS      | $726883.14    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 06/25/2025                                | CUSIP: 912797NW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2483521.33   | 2.36%             | 2025-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                           | Republic of South Africa Government  International Bond                  | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | US        |    695000 | PA      | $655954.90    | 0.62%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Deluxe Corporation                                                                   | Deluxe Corp 8.125%, Due 9/15/2029                                        | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001204.00   | 0.95%             | 2029-09-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Magic MergeCo Inc                                                                    | Michaels Cos Inc/The 5.250%, Due 01/5/2028                               | CUSIP: 55916AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $264974.41    | 0.25%             | 2028-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Urban Edge Properties                                                                | Urban Edge Properties REIT                                               | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26080 | NS      | $471265.60    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 4.500%, Due 12/01/2052            | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    478452 | PA      | $457566.77    | 0.44%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                            | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | US        |    745000 | PA      | $761186.12    | 0.72%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | Dell International, LLC / EMC Corporation 8.350%, Due 07/15/2046         | CUSIP: 24703TAK2<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    342000 | PA      | $415405.06    | 0.40%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc 5.30% Due 05/15/2065                                        | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    460000 | PA      | $453051.10    | 0.43%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc                                                      | Kronos Acquisition Holdings Inc 8.25%, Due 06/30/2031                    | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $826429.05    | 0.79%             | 2031-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Vinebrook Homes Trust 9.5% Preferred                                                 | Vinebrook Homes Trust 9.5% Preferred                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     20000 | NS      | $500000.00    | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories                                                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      3535 | NS      | $462201.25    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                                                         | National Retail Properties, Inc. REIT                                    | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     11546 | NS      | $474656.06    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                         | Blue Owl Credit Income Corp 5.8%, Due 3/15/2025                          | CUSIP: 09581CAC5<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488844.17    | 0.47%             | 2030-03-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| First American Funds Inc.                                                            | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U                     | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   1803549 | PA      | $1803549.11   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre GLBL Inc.                                                                      | Sabre GLBL Inc 10.75%, Due 11/15/2029                                    | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1030605.00   | 0.98%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                                                       | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027                       | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969000.00    | 0.92%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                                 | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | US        |    478000 | PA      | $441052.89    | 0.42%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO Group Inc/The 10.25% Due 11/01/2031                                  | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    667000 | PA      | $728808.89    | 0.69%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.900%, Due 11/09/52                                  | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    320000 | PA      | $345660.82    | 0.33%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                               | Compass Group Diversified Holdings 5.250%, Due 04/15/2029                | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $943146.70    | 0.90%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                            | American Homes 4 Rent LP 4.300%, Due 04/15/52                            | CUSIP: 02666TAF4<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $755204.79    | 0.72%             | 2052-04-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| XPO Inc                                                                              | XPO, Inc. 6.250%, Due 06/01/28                                           | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009876.13   | 0.96%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | UNITED STATES TREAS BDS 4.25% 02/15/54                                   | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    775000 | PA      | $768097.66    | 0.73%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ventas Inc.                                                                          | Ventas, Inc. REIT                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      7902 | NS      | $553772.16    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Queen MergerCo Inc.                                                                  | Queen MergerCo Inc 6.75% Due 04/30/2032                                  | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $501359.03    | 0.48%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                              | Directv Financing, LLC 8.875%, Due 02/01/2030                            | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $477000.00    | 0.45%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation                                                        | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     17578 | NS      | $353317.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating LP 7.125%, Perpetual                           | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    825000 | PA      | $811822.44    | 0.77%             | 2165-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                                                   | State Street Corporation Floating rate, Due 12/31/2049                   | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    475000 | PA      | $476441.63    | 0.45%             | 2049-12-31      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                                      | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    290350 | PA      | $290350.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 5.518% Due 10/25/2035                               | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    635000 | PA      | $621518.51    | 0.59%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group, Inc.                                                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      4747 | NS      | $519891.44    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation                                                           | Alliant Energy Corporation                                               | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      7680 | NS      | $468787.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corp 7.75%, Due 10/19/2032                                   | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    552000 | PA      | $630412.31    | 0.60%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HP Inc 6.1% Due 04/25/2035                                               | CUSIP: 40434LAS4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    295000 | PA      | $297888.69    | 0.28%             | 2035-04-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| The Manitowoc Company, Inc.                                                          | Manitowoc Co Inc/The 9.25%, Due 10/01/2031                               | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253437.50    | 0.24%             | 2031-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Equity Premium Income ETF                                       | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     10187 | NS      | $566295.33    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc New                                               | Clear Channel Outdoor Holdings Inc. 9.000%, Due 09/15/28                 | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1035157.00   | 0.99%             | 2028-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Odeon Finco PLC                                                                      | Odeon Finco PLC 12.75%, Due 11/01/27                                     | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016326.00   | 0.97%             | 2027-11-01      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.385%, Due 11/02/28                                        | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |    515000 | PA      | $546144.06    | 0.52%             | 2028-11-02      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Scorpio Tankers Inc                                                                  | Scorpio Tankers Inc 7.5%, Due 01/30/2030                                 | CUSIP: Y754QCAA8<br>LEI: 549300NVJUH16NXG8K87 | Long             | DBT              | CORP              | MH        |    625000 | PA      | $611372.97    | 0.58%             | 2030-01-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc.                                                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     11749 | NS      | $678269.77    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.942%, Due 02/07/39                                      | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $452289.34    | 0.43%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Potlatchdeltic Corp.                                                                 | PotlatchDeltic Corporation REIT                                          | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     14379 | NS      | $552009.81    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowe's Companies, Inc.                                                   | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      3300 | NS      | $737748.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                                                                   | Boeing Co/The                                                            | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     13350 | NS      | $819423.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                               | Global Partners LP / GLP Finance Corp 8.250%, Due 01/15/32               | CUSIP: 37954FAK0<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509155.00    | 0.48%             | 2032-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Audacy 2nd Lien Warrants subject to black scholes protection                         | Audacy 2nd Lien Warrants subject to black scholes protection             | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      5433 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-21

**Name of Applicant:** Westwood Multi-Asset Income Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer