# EDGAR Filing Document

**Accession Number:** 0001426439
**File Stem:** 0000940400-25-002556
**Filing Date:** 2025-9
**Character Count:** 245131
**Document Hash:** e3ee29d596eb28e660b285bee97d709e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002556.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000940400-25-002556

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New York Life Investments Active ETF Trust
- **CENTRAL INDEX KEY:** 0001426439

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22739
- **FILM NUMBER:** 251344566

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 576-5018

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NYLI MacKay Core Plus Bond ETF
- **DATE OF NAME CHANGE:** 20241203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New York Life Investments Active ETF Trust
- **DATE OF NAME CHANGE:** 20240822

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IndexIQ Active ETF Trust
- **DATE OF NAME CHANGE:** 20080207

## Series and Classes Contracts Data

### NYLI MacKay Securitized Income ETF (Series ID: S000084196)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000248469 | NYLI MacKay Securitized Income ETF | SECR            |

## Nport-Ex

Schedule of Investments ─ NYLI MacKay Securitized Income ETF

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Long-Term Bonds — 94.8%** | **Long-Term Bonds — 94.8%** | **Long-Term Bonds — 94.8%** |
| **Collateralized Mortgage Obligations — 17.7%** |  |  |
| **Mortgage Securities — 17.7%** |  |  |
| Agate Bay Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-5 B3, 3.573%, due 7/25/45<sup>(a)(b)</sup> | $33521 | $27112 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-IM1 A1, 5.067%, (1 Month CME SOFR + 0.71%), due 1/25/36<sup>(b)</sup> | 130514 | 118223 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;Series 2025-3 A1, 5.420%, due 3/25/70 | 610494 | 607937 |
| Banc of America Alternative Loan Trust |  |  |
| &nbsp;&nbsp;Series 2005-11 1CB5, 5.500%, due 12/25/35 | 39626 | 35801 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-I 6A1, 4.845%, (1 Month CME SOFR + 0.49%), due 12/20/46<sup>(b)</sup> | 31382 | 27849 |
| Banc of America Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-A 2A3, 5.116%, due 2/25/35<sup>(a)(b)</sup> | 16328 | 15839 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;Series 2024-NQM8 A1A, 4.300%, due 8/1/53 | 276459 | 269294 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp;Series 2005-S3 A14, 5.500%, due 11/25/35 | 48179 | 33922 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AA A2, 4.717%, (1 Month CME SOFR + 0.36%), due 1/25/36<sup>(b)</sup> | 25339 | 23968 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-9 1A1, 5.067%, (1 Month CME SOFR + 0.71%), due 5/25/35<sup>(b)</sup> | 67511 | 58969 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-J2 AIOS, 0.210%, due 4/25/51<sup>(a)(b)(c)</sup> | 1553199 | 19841 |
| &nbsp;&nbsp;&nbsp;Series 2021-J3 A31, 2.500%, due 6/25/51<sup>(a)(b)</sup> | 115392 | 92621 |
| &nbsp;&nbsp;Series 2025-NR1 A1, 5.000%, due 6/25/64 | 278010 | 271615 |
| Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C B3, 4.250%, due 2/25/54<sup>(a)(b)</sup> | 640000 | 539303 |
| Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R01 1B1, 6.050%, (1 Month SOFR + 1.70%), due 1/25/45<sup>(b)</sup> | 410000 | 409106 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-HRP1 B1, 13.714%, (1 Month SOFR + 9.36%), due 11/25/39<sup>(b)</sup> | 300000 | 323484 |
| &nbsp;&nbsp;&nbsp;Series 2020-SBT1 1B1, 11.214%, (1 Month SOFR + 6.86%), due 2/25/40<sup>(b)</sup> | 715000 | 758794 |
| &nbsp;&nbsp;&nbsp;Series 2021-R03 1B2, 9.850%, (1 Month SOFR + 5.50%), due 12/25/41<sup>(b)</sup> | 195000 | 203259 |
| &nbsp;&nbsp;&nbsp;Series 2022-R01 1B2, 10.350%, (1 Month SOFR + 6.00%), due 12/25/41<sup>(b)</sup> | 500000 | 524530 |
| &nbsp;&nbsp;&nbsp;Series 2022-R02 2B2, 12.000%, (1 Month SOFR + 7.65%), due 1/25/42<sup>(b)</sup> | 685000 | 733648 |
| &nbsp;&nbsp;&nbsp;Series 2022-R03 1B2, 14.200%, (1 Month SOFR + 9.85%), due 3/25/42<sup>(b)</sup> | 550000 | 612385 |
| &nbsp;&nbsp;&nbsp;Series 2022-R08 1B1, 9.950%, (1 Month SOFR + 5.60%), due 7/25/42<sup>(b)</sup> | 95000 | 102422 |
| &nbsp;&nbsp;&nbsp;Series 2024-R02 1B1, 6.850%, (1 Month SOFR + 2.50%), due 2/25/44<sup>(b)</sup> | 65000 | 66524 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-R03 2M2, 6.300%, (1 Month SOFR + 1.95%), due 3/25/44<sup>(b)</sup> | $395000 | $398207 |
| &nbsp;&nbsp;&nbsp;Series 2024-R05 2B1, 6.350%, (1 Month SOFR + 2.00%), due 7/25/44<sup>(b)</sup> | 500000 | 501853 |
| CSMC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM2 A2, 1.384%, due 2/25/66<sup>(a)(b)</sup> | 420568 | 376200 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-RPL1 B3, 2.972%, due 7/25/57<sup>(a)(b)</sup> | 945000 | 482680 |
| Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-6INV A18, 2.500%, due 8/25/51<sup>(a)(b)</sup> | 142555 | 113994 |
| &nbsp;&nbsp;&nbsp;Series 2021-9INV A7, 2.500%, due 9/25/41<sup>(a)(b)</sup> | 1071117 | 948238 |
| GS Mortage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-PJ1 A1, 3.500%, due 5/25/50<sup>(a)(b)</sup> | 321017 | 286303 |
| GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-PJ4 A4, 2.500%, due 9/25/52<sup>(a)(b)</sup> | 1613480 | 1298789 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-2 2A1A, 4.905%, (1 Month CME SOFR + 0.55%), due 5/19/35<sup>(b)</sup> | 64950 | 62171 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR12 2A1A, 4.947%, (1 Month CME SOFR + 0.59%), due 7/25/35<sup>(b)</sup> | 71601 | 65615 |
| J.P. Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-8 A11, 5.317%, (1 Month CME SOFR + 0.96%), due 3/25/50<sup>(b)</sup> | 11848 | 11223 |
| &nbsp;&nbsp;&nbsp;Series 2021-11 A3, 2.500%, due 1/25/52<sup>(a)(b)</sup> | 1395447 | 1125374 |
| &nbsp;&nbsp;&nbsp;Series 2021-11 AX1, 0.220%, due 1/25/52<sup>(a)(b)(c)</sup> | 10915174 | 141883 |
| &nbsp;&nbsp;&nbsp;Series 2021-12 A3, 2.500%, due 2/25/52<sup>(a)(b)</sup> | 1133852 | 914067 |
| &nbsp;&nbsp;&nbsp;Series 2021-4 B1, 2.879%, due 8/25/51<sup>(a)(b)</sup> | 953353 | 765820 |
| &nbsp;&nbsp;&nbsp;Series 2022-1 A3, 2.500%, due 7/25/52<sup>(a)(b)</sup> | 751111 | 604596 |
| &nbsp;&nbsp;&nbsp;Series 2022-1 B3, 3.085%, due 7/25/52<sup>(a)(b)</sup> | 483981 | 386410 |
| &nbsp;&nbsp;&nbsp;Series 2024-INV1 A4, 6.000%, due 4/25/55<sup>(a)(b)</sup> | 628058 | 632273 |
| &nbsp;&nbsp;Series 2025-5MPR A1D, 5.500%, due 11/25/55 | 473276 | 472246 |
| LOANDEPOT GMSR Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT2 A, 3.150%, (1 Month CME SOFR + 3.15%), due 7/16/30<sup>(b)</sup> | 520000 | 519997 |
| Mello Mortgage Capital Acceptance |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MTG1 A19, 2.500%, due 4/25/51<sup>(a)(b)</sup> | 109065 | 87520 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-F B1, 5.531%, due 12/25/29<sup>(a)(b)</sup> | 54962 | 48501 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-3 B2, 3.250%, due 8/25/58<sup>(a)(b)</sup> | 553819 | 418216 |
| &nbsp;&nbsp;&nbsp;Series 2018-4 B4, 3.070%, due 4/25/66<sup>(a)(b)</sup> | 414516 | 248893 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-01 B10, 9.964%, (1 Month SOFR + 5.61%), due 10/25/49<sup>(b)</sup> | $435000 | $441472 |
| &nbsp;&nbsp;&nbsp;Series 2020-01 CE, 11.964%, (1 Month SOFR + 7.61%), due 3/25/50<sup>(b)</sup> | 115000 | 119109 |
| &nbsp;&nbsp;&nbsp;Series 2024-01 B1, 11.100%, (1 Month SOFR + 6.75%), due 7/25/54<sup>(b)</sup> | 400000 | 420839 |
| &nbsp;&nbsp;&nbsp;Series 2025-01 B1, 9.550%, (1 Month SOFR + 5.20%), due 5/25/55<sup>(b)</sup> | 590000 | 595894 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2 A5, 4.000%, due 5/27/49<sup>(a)(b)</sup> | 32903 | 30603 |
| &nbsp;&nbsp;&nbsp;Series 2022-J1 A14, 2.500%, due 2/25/52<sup>(a)(b)</sup> | 83581 | 66914 |
| &nbsp;&nbsp;Series 2024-NQM9 A1, 6.030%, due 1/25/64 | 954740 | 960777 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-INV1 B2, 2.777%, due 8/25/51<sup>(a)(b)</sup> | 602180 | 498613 |
| RALI Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-QO3 A1, 5.267%, (1 Month CME SOFR + 0.91%), due 10/25/45<sup>(b)</sup> | 90204 | 63824 |
| &nbsp;&nbsp;&nbsp;Series 2007-QO3 A1, 4.787%, (1 Month CME SOFR + 0.43%), due 3/25/47<sup>(b)</sup> | 83953 | 77442 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-5 A1, 2.500%, due 11/25/51<sup>(a)(b)</sup> | 4373024 | 3522628 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2 B2, 5.023%, due 3/25/53<sup>(a)(b)</sup> | 425373 | 394379 |
| Sequoia Mortgage Trust 2025-S1 |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-S1 A7, 2.500%, due 9/25/54<sup>(a)(b)</sup> | 500000 | 323409 |
| STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-HRP1 B2, 16.214%, (1 Month SOFR + 11.86%), due 5/25/43<sup>(b)</sup> | 525061 | 636143 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-4 B5, 3.658%, due 6/25/57<sup>(a)(b)</sup> | 249771 | 157673 |
| &nbsp;&nbsp;&nbsp;Series 2018-2 B5, 3.736%, due 3/25/58<sup>(a)(b)</sup> | 1216969 | 516895 |
| &nbsp;&nbsp;&nbsp;Series 2019-1 B2, 3.788%, due 3/25/58<sup>(a)(b)</sup> | 815000 | 620654 |
| &nbsp;&nbsp;Series 2024-CES6 A2, 6.002%, due 11/25/64 | 265000 | 267290 |
| UWM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-INV5 A14, 3.000%, due 1/25/52<sup>(a)(b)</sup> | 584949 | 488547 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-AR17 1A, 5.169%, (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.20%), due 11/25/42<sup>(b)</sup> | 21882 | 20891 |
| &nbsp;&nbsp;&nbsp;Series 2004-AR12 A2B, 5.387%, (1 Month CME SOFR + 1.03%), due 10/25/44<sup>(b)</sup> | 53501 | 52196 |
| &nbsp;&nbsp;&nbsp;Series 2004-AR8 A1, 5.307%, (1 Month CME SOFR + 0.95%), due 6/25/44<sup>(b)</sup> | 82729 | 81880 |
| &nbsp;&nbsp;&nbsp;Series 2005-AR16 1A1, 4.685%, due 12/25/35<sup>(a)(b)</sup> | 62455 | 57349 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Collateralized Mortgage Obligations (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR6 2A1A, 4.927%, (1 Month CME SOFR + 0.57%), due 4/25/45<sup>(b)</sup> | $50843 | $51573 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-8 2CB3, 4.877%, (1 Month CME SOFR + 0.52%), due 10/25/35<sup>(b)</sup> | 31347 | 29720 |
|  |  | 27284229 |
| **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;**(Cost $27,320,220)** |  | **27284229** |
| **Commercial Asset-Backed Securities — 14.1%** |  |  |
| **Asset Backed Securities — 14.1%** |  |  |
| Ally Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;Series 2024-B G, 11.395%, due 9/15/32 | 572521 | 568812 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;Series 2023-5A D, 7.350%, due 4/20/28 | 245000 | 247893 |
| &nbsp;&nbsp;Series 2023-8A D, 7.520%, due 2/20/30 | 495000 | 500936 |
| Bayview Opportunity Master Fund VII LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-EDU1 D, 7.100%, (1 Month SOFR + 2.75%), due 6/25/47<sup>(b)</sup> | 59298 | 60426 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;Series 2024-1 C, 5.650%, due 4/16/29 | 250000 | 251298 |
| &nbsp;&nbsp;Series 2024-1 D, 6.030%, due 11/15/29 | 780000 | 791233 |
| &nbsp;&nbsp;Series 2025-2 D, 5.620%, due 3/17/31 | 390000 | 394625 |
| CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;Series 2024-1 C, 5.470%, due 8/15/29 | 80000 | 81188 |
| &nbsp;&nbsp;Series 2024-3 C, 5.280%, due 3/15/30 | 485000 | 491907 |
| CarMax Select Receivables Trust |  |  |
| &nbsp;&nbsp;Series 2024-A D, 6.270%, due 12/16/30 | 365000 | 374066 |
| &nbsp;&nbsp;Series 2025-A D, 5.860%, due 7/15/31 | 305000 | 310987 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;Series 2020-1 A1, 1.690%, due 7/15/60 | 454223 | 389613 |
| &nbsp;&nbsp;Series 2020-1 A2, 1.990%, due 7/15/60 | 395139 | 331781 |
| &nbsp;&nbsp;Series 2020-1 B1, 2.280%, due 7/15/60 | 422742 | 325366 |
| &nbsp;&nbsp;Series 2021-1A B1, 1.980%, due 3/15/61 | 438238 | 335177 |
| Citibank Credit Card Issuance Trust |  |  |
| &nbsp;&nbsp;Series 2018-A7 A7, 3.960%, due 10/13/30 | 300000 | 297190 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |  |
| &nbsp;&nbsp;Series 2025-1A A2, 6.000%, due 5/20/55 | 400000 | 408007 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;Series 2025-1 D, 5.650%, due 2/15/36 | 295000 | 297190 |
| Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;Series 2024-1 C, 5.430%, due 11/17/31 | 75000 | 75718 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;Series 2021-2A E, 2.970%, due 7/17/28 | 1300000 | 1296182 |
| &nbsp;&nbsp;Series 2021-4A D, 1.990%, due 9/15/27 | 371522 | 366296 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;Series 2022-2A E, 6.340%, due 10/15/29 | 710000 | 657330 |
| &nbsp;&nbsp;Series 2022-5A E, 10.450%, due 4/15/30 | 735000 | 772976 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** |  |  |
| **Asset Backed Securities (continued)** |  |  |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;Series 2023-1A D, 7.740%, due 1/15/31 | $285000 | $299489 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;Series 2020-3 D, 2.500%, due 9/15/26 | 22808 | 22745 |
| &nbsp;&nbsp;Series 2021-1 D, 1.270%, due 3/15/27 | 135246 | 133517 |
| &nbsp;&nbsp;Series 2021-2 D, 1.590%, due 6/15/27 | 100000 | 98042 |
| &nbsp;&nbsp;Series 2021-2 E, 3.160%, due 9/15/28 | 410000 | 394107 |
| &nbsp;&nbsp;Series 2021-3 D, 1.650%, due 9/15/27 | 514000 | 495696 |
| &nbsp;&nbsp;Series 2021-3 E, 3.320%, due 12/15/28 | 650000 | 603150 |
| &nbsp;&nbsp;Series 2021-4 C, 1.960%, due 12/15/27 | 31217 | 30861 |
| &nbsp;&nbsp;Series 2022-1 D, 3.640%, due 3/15/28 | 335000 | 325078 |
| &nbsp;&nbsp;Series 2022-2 D, 5.800%, due 4/17/28 | 615000 | 565746 |
| &nbsp;&nbsp;Series 2024-1 C, 5.790%, due 2/15/30 | 345000 | 349918 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;Series 2024-2A D, 6.190%, due 2/15/30 | 700000 | 716568 |
| &nbsp;&nbsp;Series 2025-1A D, 5.610%, due 11/15/30 | 610000 | 617519 |
| GMF Floorplan Owner Revolving Trust |  |  |
| &nbsp;&nbsp;Series 2023-2 A, 5.340%, due 6/15/30 | 100000 | 102580 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp;Series 2025-3A D, 8.550%, due 12/26/29 | 445000 | 449227 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;Series 2019-AA B, 2.540%, due 7/25/33 | 25488 | 25107 |
| Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;Series 2024-B C, 5.290%, due 10/15/31 | 210000 | 213998 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;Series 2024-1A D, 6.150%, due 6/16/31 | 100000 | 102892 |
| &nbsp;&nbsp;Series 2024-2A D, 6.370%, due 10/15/31 | 430000 | 447492 |
| &nbsp;&nbsp;Series 2024-3A D, 5.180%, due 2/17/32 | 565000 | 568866 |
| Long Beach Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-3 M1, 5.322%, (1 Month CME SOFR + 0.97%), due 7/25/34<sup>(b)</sup> | 101636 | 100265 |
| Magnetite 50 Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-50A A1, 5.581%, (3 Month CME SOFR + 1.28%), due 7/25/38<sup>(b)</sup> | 300000 | 300032 |
| New Economy Assets Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;Series 2021-1 A1, 1.910%, due 10/20/61 | 285000 | 233772 |
| &nbsp;&nbsp;Series 2021-1 B1, 2.410%, due 10/20/61 | 525000 | 409632 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;Series 2025-SFR3 D, 3.390%, due 7/17/42 | 355000 | 316473 |
| &nbsp;&nbsp;Series 2025-SFR4 C, 5.050%, due 8/19/42 | 440000 | 432960 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;Series 2025-1A B, 5.928%, due 5/25/55 | 400000 | 402126 |
| Regatta 30 Funding Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-4A B, 5.968%, (3 Month CME SOFR + 1.65%), due 1/25/38<sup>(b)</sup> | 300000 | 300810 |
| Regatta XI Funding Ltd., (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A AR, 5.722%, (3 Month CME SOFR + 1.40%), due 7/17/37<sup>(b)</sup> | 250000 | 250520 |
| SoFi Consumer Loan Program Trust |  |  |
| &nbsp;&nbsp;Series 2025-1 B, 5.120%, due 2/27/34 | 370000 | 371892 |
| Stifel SBA IO Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A A2, 1.268%, due 6/25/50<sup>(a)(b)(c)</sup> | 4091613 | 144485 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Asset-Backed Securities (continued)** |  |  |
| **Asset Backed Securities (continued)** |  |  |
| Structured Asset Investment Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-8 A6, 5.267%, (1 Month CME SOFR + 0.91%), due 9/25/34<sup>(b)</sup> | $101337 | $97856 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;Series 2024-1A A2I, 6.028%, due 7/30/54 | 352338 | 356750 |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp;Series 2023-1A A, 4.930%, due 6/25/36 | 100000 | 101655 |
| Tricon American Homes |  |  |
| &nbsp;&nbsp;Series 2020-SFR1 C, 2.249%, due 7/17/38 | 335000 | 326381 |
| &nbsp;&nbsp;Series 2020-SFR1 D, 2.548%, due 7/17/38 | 460000 | 448766 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;Series 2024-3A D, 5.210%, due 4/15/30 | 400000 | 400394 |
| Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;Series 2025-1A B, 6.088%, due 3/20/55 | 470000 | 474643 |
|  |  | 21658207 |
| **Total Commercial Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;**(Cost $21,674,162)** |  | **21658207** |
| **Commercial Mortgage-Backed Securities — 17.0%** |  |  |
| **Mortgage Securities — 17.0%** |  |  |
| 1301 Trust 2025-AOA |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1301 D, 6.430%, due 8/11/30<sup>(a)(b)</sup> | 385000 | 385000 |
| Bank |  |  |
| &nbsp;&nbsp;Series 2019-BN19 B, 3.647%, due 8/15/61 | 80000 | 68435 |
| &nbsp;&nbsp;&nbsp;Series 2019-BN19 C, 4.026%, due 8/15/61<sup>(a)(b)</sup> | 1215000 | 885745 |
| BANK |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-BNK4 C, 4.372%, due 5/15/50<sup>(a)(b)</sup> | 90000 | 79177 |
| &nbsp;&nbsp;Series 2017-BNK6 D, 3.100%, due 7/15/60 | 470000 | 385931 |
| &nbsp;&nbsp;&nbsp;Series 2017-BNK7 C, 3.981%, due 9/15/60<sup>(a)(b)</sup> | 440000 | 393540 |
| &nbsp;&nbsp;&nbsp;Series 2019-BN20 C, 3.651%, due 9/15/62<sup>(a)(b)</sup> | 100000 | 78232 |
| &nbsp;&nbsp;Series 2020-BN25 D, 2.500%, due 1/15/63 | 395000 | 302507 |
| &nbsp;&nbsp;Series 2022-BNK39 AS, 3.181%, due 2/15/55 | 705000 | 623465 |
| Bank of America Merrill Lynch Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;Series 2016-UB10 D, 3.000%, due 7/15/49 | 700000 | 616667 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;Series 2024-C24 AS, 5.867%, due 2/15/57 | 70000 | 72247 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-B1 C, 4.203%, due 1/15/51<sup>(a)(b)</sup> | 649000 | 522838 |
| &nbsp;&nbsp;&nbsp;Series 2018-B6 D, 3.087%, due 10/10/51<sup>(a)(b)</sup> | 605000 | 439142 |
| &nbsp;&nbsp;Series 2019-B11 A5, 3.542%, due 5/15/52 | 225000 | 213880 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-B14 C, 3.763%, due 12/15/62<sup>(a)(b)</sup> | $485000 | $368303 |
| &nbsp;&nbsp;&nbsp;Series 2019-B15 C, 3.714%, due 12/15/72<sup>(a)(b)</sup> | 70000 | 55694 |
| &nbsp;&nbsp;&nbsp;Series 2019-B9 C, 4.971%, due 3/15/52<sup>(a)(b)</sup> | 300000 | 261413 |
| &nbsp;&nbsp;Series 2020-B16 D, 2.500%, due 2/15/53 | 545000 | 399063 |
| &nbsp;&nbsp;&nbsp;Series 2020-B17 C, 3.371%, due 3/15/53<sup>(a)(b)</sup> | 910000 | 696613 |
| BF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-NYT E, 7.139%, (1 Month CME SOFR + 2.80%), due 12/15/35<sup>(b)</sup> | 465000 | 419883 |
| BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C1 111A, 3.269%, due 2/17/55<sup>(a)(b)</sup> | 550000 | 498683 |
| BWAY Mortgage Trust |  |  |
| &nbsp;&nbsp;Series 2013-1515 C, 3.446%, due 3/10/33 | 285000 | 259920 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-VIVA D, 3.549%, due 3/11/44<sup>(a)(b)</sup> | 100000 | 90948 |
| &nbsp;&nbsp;&nbsp;Series 2022-CSMO D, 8.679%, (1 Month CME SOFR + 4.34%), due 6/15/27<sup>(b)</sup> | 100000 | 101125 |
| &nbsp;&nbsp;&nbsp;Series 2024-BRBK D, 10.311%, (1 Month CME SOFR + 5.97%), due 10/15/41<sup>(b)</sup> | 345000 | 346286 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OC11 D, 3.944%, due 12/9/41<sup>(a)(b)</sup> | 500000 | 465994 |
| &nbsp;&nbsp;&nbsp;Series 2021-RISE C, 5.906%, (1 Month CME SOFR + 1.56%), due 11/15/36<sup>(b)</sup> | 84533 | 84480 |
| &nbsp;&nbsp;&nbsp;Series 2025-VLT7 E, 8.050%, (1 Month CME SOFR + 3.75%), due 7/15/44<sup>(b)</sup> | 450000 | 450844 |
| CAMB Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CX2 D, 2.771%, due 11/10/46<sup>(a)(b)</sup> | 600000 | 462638 |
| CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CD4 C, 4.350%, due 5/10/50<sup>(a)(b)</sup> | 495000 | 454255 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-B2 D, 3.145%, due 3/10/51<sup>(a)(b)</sup> | 1070000 | 809638 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-CR3 C, 4.434%, due 10/15/45<sup>(a)(b)</sup> | 500000 | 457505 |
| &nbsp;&nbsp;&nbsp;Series 2014-UBS2 D, 4.753%, due 3/10/47<sup>(a)(b)</sup> | 203388 | 142733 |
| &nbsp;&nbsp;Series 2014-UBS4 A5, 3.694%, due 8/10/47 | 2066 | 2041 |
| &nbsp;&nbsp;&nbsp;Series 2016-DC2 C, 4.680%, due 2/10/49<sup>(a)(b)</sup> | 395000 | 388181 |
| &nbsp;&nbsp;&nbsp;Series 2016-DC2 D, 3.930%, due 2/10/49<sup>(a)(b)</sup> | 760000 | 719062 |
| CONE Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DFW1 E, 8.230%, (1 Month CME SOFR + 3.89%), due 8/15/41<sup>(b)</sup> | 500000 | 496277 |
| CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-C1 C, 3.831%, due 4/15/50<sup>(a)(b)</sup> | 293000 | 266038 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C14 C, 4.877%, due 11/15/51<sup>(a)(b)</sup> | $375000 | $338496 |
| CSMC OA LLC |  |  |
| &nbsp;&nbsp;Series 2014-USA E, 4.373%, due 9/15/37 | 425000 | 281563 |
| DBUBS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2011-LC3A PM2, 5.098%, due 5/10/44<sup>(a)(b)</sup> | 650000 | 441987 |
| Freddie Mac Mscr Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MN3 M2, 8.350%, (1 Month SOFR + 4.00%), due 11/25/51<sup>(b)</sup> | 545000 | 564085 |
| &nbsp;&nbsp;&nbsp;Series 2024-MN8 M2, 8.600%, (1 Month SOFR + 4.25%), due 5/25/44<sup>(b)</sup> | 430000 | 449648 |
| &nbsp;&nbsp;&nbsp;Series 2025-MN10 B1, 9.269%, (1 Month SOFR + 4.95%), due 2/25/45<sup>(b)</sup> | 445000 | 448317 |
| Freddie Mac Multifamily Structured Credit Risk |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MN9 B1, 10.350%, (1 Month SOFR + 6.00%), due 10/25/44<sup>(b)</sup> | 405000 | 418175 |
| Grace Trust |  |  |
| &nbsp;&nbsp;Series 2020-GRCE A, 2.347%, due 12/10/40 | 452000 | 394903 |
| GS Mortgage Securities Corp. Trust |  |  |
| &nbsp;&nbsp;Series 2017-GPTX A, 2.856%, due 5/10/34 | 513367 | 451989 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;Series 2015-GC30 D, 3.384%, due 5/10/50 | 615000 | 445869 |
| &nbsp;&nbsp;Series 2018-GS10 D, 3.000%, due 7/10/51 | 500000 | 344883 |
| HILT COMMERCIAL MORTGAGE TRUST |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-ORL D, 7.531%, (1 Month CME SOFR + 3.19%), due 5/15/37<sup>(b)</sup> | 100000 | 99875 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-NLP G, 8.867%, (1 Month CME SOFR + 4.52%), due 4/15/37<sup>(b)</sup> | 458851 | 421005 |
| JPMCC Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;Series 2019-COR4 AS, 4.290%, due 3/10/52 | 115000 | 105536 |
| JPMDB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;Series 2017-C7 D, 3.000%, SOFR, due 10/15/50 | 100000 | 77696 |
| LSTAR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-5 D, 4.666%, due 3/10/50<sup>(a)(b)</sup> | 440000 | 369038 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;Series 2015-C22 AS, 3.561%, due 4/15/48 | 110000 | 106979 |
| &nbsp;&nbsp;Series 2025-C35 AS, 5.970%, due 8/15/58 | 390000 | 403952 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-UBS9 C, 4.568%, due 3/15/49<sup>(a)(b)</sup> | 500000 | 443753 |
| &nbsp;&nbsp;Series 2018-H3 D, 3.000%, due 7/15/51 | 135000 | 112086 |
| MSWF Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2 AS, 6.491%, due 12/15/56<sup>(a)(b)</sup> | 75000 | 80383 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Commercial Mortgage-Backed Securities (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| Natixis Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2PAC AMZ1, 3.500%, due 1/15/37<sup>(a)(b)</sup> | $425000 | $357830 |
| &nbsp;&nbsp;&nbsp;Series 2021-APPL A, 5.556%, (1 Month CME SOFR + 1.21%), due 8/15/38<sup>(b)</sup> | 100000 | 96843 |
| NCMF Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-MFS D, 6.618%, due 6/10/33<sup>(a)(b)</sup> | 375000 | 378266 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;Series 2024-CNTR E, 8.819%, due 11/13/41 | 790000 | 831001 |
| SWCH Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-DATA A, 5.785%, (1 Month CME SOFR + 1.44%), due 2/15/42<sup>(b)</sup> | 320000 | 318400 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C9 C, 4.944%, due 3/15/51<sup>(a)(b)</sup> | 330000 | 222491 |
| UBS-Barclays Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-C5 B, 3.649%, due 3/10/46<sup>(a)(b)</sup> | 490061 | 469291 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NXS5 D, 4.953%, due 1/15/59<sup>(a)(b)</sup> | 469000 | 428854 |
| &nbsp;&nbsp;Series 2016-NXS6 D, 3.059%, due 11/15/49 | 555000 | 490121 |
| &nbsp;&nbsp;&nbsp;Series 2017-C38 C, 3.903%, due 7/15/50<sup>(a)(b)</sup> | 320000 | 294592 |
| &nbsp;&nbsp;Series 2018-C44 D, 3.000%, due 5/15/51 | 710000 | 533101 |
| &nbsp;&nbsp;Series 2019-C51 AS, 3.584%, due 6/15/52 | 116000 | 105562 |
| &nbsp;&nbsp;&nbsp;Series 2019-C51 C, 4.289%, due 6/15/52<sup>(a)(b)</sup> | 445000 | 368202 |
| &nbsp;&nbsp;&nbsp;Series 2022-ONL E, 4.928%, due 12/15/39<sup>(a)(b)</sup> | 350000 | 308219 |
| WP Glimcher Mall Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-WPG C, 3.516%, due 6/5/35<sup>(a)(b)</sup> | 450000 | 416245 |
|  |  | 26183659 |
| **Total Commercial Mortgage-Backed Securities** |  |  |
| &nbsp;&nbsp;**(Cost $25,568,596)** |  | **26183659** |
| **U.S. Government & Federal Agencies — 46.0%** |  |  |
| **Mortgage Securities — 46.0%** |  |  |
| Fannie Mae Interest Strip |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-426 C32, 1.500%, due 2/25/52<sup>(c)</sup> | 175834 | 16730 |
| &nbsp;&nbsp;&nbsp;Series 2023-438 C34, 6.000%, due 8/25/53<sup>(c)</sup> | 769673 | 185679 |
| &nbsp;&nbsp;&nbsp;Series 2024-440 C46, 4.000%, due 10/25/53<sup>(c)</sup> | 1339357 | 294128 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;Series 2018-BK4772, 4.000%, due 8/1/48 | 23169 | 21741 |
| &nbsp;&nbsp;Series 2018-BN0340, 4.500%, due 12/1/48 | 12414 | 11974 |
| &nbsp;&nbsp;Series 2018-CA2056, 4.500%, due 7/1/48 | 56375 | 54451 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;Series 2018-CA2960, 4.500%, due 1/1/49 | $28973 | $27918 |
| &nbsp;&nbsp;Series 2020-FM3129, 3.000%, due 5/1/50 | 85152 | 73742 |
| &nbsp;&nbsp;Series 2020-FM3889, 3.000%, due 7/1/50 | 28082 | 24332 |
| &nbsp;&nbsp;Series 2020-FM5299, 3.500%, due 11/1/50 | 22379 | 20075 |
| &nbsp;&nbsp;Series 2021-FM7418, 2.500%, due 6/1/51 | 133898 | 111265 |
| &nbsp;&nbsp;Series 2021-MA4438, 2.500%, due 10/1/51 | 2749619 | 2261212 |
| &nbsp;&nbsp;Series 2021-MA4492, 2.000%, due 12/1/51 | 3986618 | 3126562 |
| &nbsp;&nbsp;Series 2022-BU1417, 3.000%, due 1/1/52 | 99836 | 85624 |
| &nbsp;&nbsp;Series 2022-MA4562, 2.000%, due 3/1/52 | 1638907 | 1286719 |
| &nbsp;&nbsp;Series 2022-MA4624, 3.000%, due 6/1/52 | 641177 | 549698 |
| &nbsp;&nbsp;Series 2022-MA4626, 4.000%, due 6/1/52 | 2129326 | 1968024 |
| &nbsp;&nbsp;Series 2022-MA4806, 5.000%, due 11/1/52 | 423269 | 414745 |
| &nbsp;&nbsp;Series 2023-FS3603, 5.500%, due 8/1/53 | 48246 | 48335 |
| &nbsp;&nbsp;Series 2023-FS3904, 5.000%, due 3/1/53 | 22247 | 21745 |
| &nbsp;&nbsp;Series 2023-FS5641, 6.000%, due 8/1/53 | 100900 | 103231 |
| &nbsp;&nbsp;Series 2023-FS5758, 6.000%, due 9/1/53 | 53503 | 54704 |
| &nbsp;&nbsp;Series 2023-FS6211, 6.000%, due 11/1/53 | 129224 | 131473 |
| &nbsp;&nbsp;Series 2023-MA4918, 5.000%, due 2/1/53 | 1464695 | 1430439 |
| &nbsp;&nbsp;Series 2023-MA4919, 5.500%, due 2/1/53 | 1581638 | 1577039 |
| &nbsp;&nbsp;Series 2023-MA4940, 5.000%, due 3/1/53 | 1538113 | 1503662 |
| &nbsp;&nbsp;Series 2023-MA5009, 5.000%, due 5/1/53 | 2092119 | 2043783 |
| &nbsp;&nbsp;Series 2023-MA5020, 5.000%, due 5/1/43 | 709751 | 705014 |
| &nbsp;&nbsp;Series 2023-MA5139, 6.000%, due 9/1/53 | 1174864 | 1194079 |
| &nbsp;&nbsp;Series 2024-FS7587, 5.500%, due 4/1/54 | 71122 | 71096 |
| &nbsp;&nbsp;Series 2024-FS8105, 2.000%, due 10/1/52 | 5384246 | 4217077 |
| &nbsp;&nbsp;Series 2024-FS8206, 5.500%, due 6/1/54 | 552804 | 553639 |
| &nbsp;&nbsp;Series 2024-FS9453, 4.500%, due 8/1/53 | 288412 | 274099 |
| &nbsp;&nbsp;Series 2024-MA5353, 5.500%, due 5/1/54 | 1698011 | 1690536 |
| &nbsp;&nbsp;Series 2025-FA1540, 6.000%, due 12/1/54 | 400186 | 406362 |
| &nbsp;&nbsp;Series 2025-FA2250, 3.000%, due 7/1/52 | 875000 | 750250 |
| &nbsp;&nbsp;Series 2025-MA5711, 5.000%, due 5/1/40 | 330159 | 331114 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-19 SD, 1.636%, (1 Month SOFR + 5.99%), due 4/25/46<sup>(b)(c)</sup> | $125284 | $10372 |
| &nbsp;&nbsp;&nbsp;Series 2016-57 SN, 1.586%, (1 Month SOFR + 5.94%), due 6/25/46<sup>(b)(c)</sup> | 61630 | 6344 |
| &nbsp;&nbsp;&nbsp;Series 2019-32 SB, 1.586%, (1 Month SOFR + 5.94%), due 6/25/49<sup>(b)(c)</sup> | 51748 | 5766 |
| &nbsp;&nbsp;Series 2019-77 LZ, 3.000%, due 1/25/50 | 182758 | 158755 |
| &nbsp;&nbsp;&nbsp;Series 2020-23 PS, 1.586%, (1 Month SOFR + 5.94%), due 2/25/50<sup>(b)(c)</sup> | 68149 | 8445 |
| &nbsp;&nbsp;Series 2020-63 B, 1.250%, due 9/25/50 | 8048 | 6093 |
| &nbsp;&nbsp;Series 2021-12 GC, 3.500%, due 7/25/50 | 82542 | 74377 |
| &nbsp;&nbsp;&nbsp;Series 2021-3 TI, 2.500%, due 2/25/51<sup>(c)</sup> | 1087616 | 199776 |
| &nbsp;&nbsp;&nbsp;Series 2021-34 MI, 2.500%, due 3/25/51<sup>(c)</sup> | 822844 | 115664 |
| &nbsp;&nbsp;&nbsp;Series 2021-8 ID, 3.500%, due 3/25/51<sup>(c)</sup> | 938862 | 200891 |
| &nbsp;&nbsp;&nbsp;Series 2021-85 BI, 3.000%, due 12/25/51<sup>(c)</sup> | 304869 | 54840 |
| &nbsp;&nbsp;&nbsp;Series 2021-91 HI, 3.000%, due 1/25/52<sup>(c)</sup> | 103982 | 12013 |
| &nbsp;&nbsp;&nbsp;Series 2022-10 SA, 1.400%, (1 Month SOFR + 5.75%), due 2/25/52<sup>(b)(c)</sup> | 633209 | 71116 |
| &nbsp;&nbsp;&nbsp;Series 2024-48 SB, 1.550%, (1 Month SOFR + 5.90%), due 7/25/54<sup>(b)(c)</sup> | 2423201 | 149945 |
| &nbsp;&nbsp;Series 2024-78 EV, 5.500%, due 10/25/35 | 441001 | 445617 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;Series 2018-G08831, 4.000%, due 8/1/48 | 11716 | 11012 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;Series 2019-QA1451, 3.000%, due 8/1/49 | 13785 | 11951 |
| &nbsp;&nbsp;Series 2019-RA1780, 4.500%, due 11/1/49 | 33454 | 32496 |
| &nbsp;&nbsp;Series 2021-RA4934, 3.000%, due 3/1/51 | 997519 | 855288 |
| &nbsp;&nbsp;Series 2021-SD8146, 2.000%, due 5/1/51 | 732424 | 576449 |
| &nbsp;&nbsp;Series 2021-SD8166, 2.000%, due 9/1/51 | 760913 | 597572 |
| &nbsp;&nbsp;Series 2022-QD8143, 2.000%, due 3/1/52 | 89530 | 70186 |
| &nbsp;&nbsp;Series 2022-RA6622, 2.500%, due 1/1/52 | 202001 | 167547 |
| &nbsp;&nbsp;Series 2022-RA7122, 3.500%, due 4/1/52 | 726142 | 653457 |
| &nbsp;&nbsp;Series 2022-SD8199, 2.000%, due 3/1/52 | 1247607 | 979504 |
| &nbsp;&nbsp;Series 2022-SD8220, 3.000%, due 6/1/52 | 454646 | 389308 |
| &nbsp;&nbsp;Series 2022-SD8243, 3.500%, due 9/1/52 | 2168604 | 1940052 |
| &nbsp;&nbsp;Series 2022-SD8256, 4.000%, due 10/1/52 | 535561 | 494905 |
| &nbsp;&nbsp;Series 2022-SD8266, 4.500%, due 11/1/52 | 1506490 | 1431731 |
| &nbsp;&nbsp;Series 2022-SD8277, 5.500%, due 12/1/52 | 568021 | 568152 |
| &nbsp;&nbsp;Series 2022-SD8290, 6.000%, due 1/1/53 | 1035835 | 1053505 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;Series 2023-SD3392, 5.500%, due 7/1/53 | $38707 | $38778 |
| &nbsp;&nbsp;Series 2023-SD3770, 2.500%, due 3/1/52 | 526586 | 437004 |
| &nbsp;&nbsp;Series 2023-SD3960, 6.000%, due 10/1/53 | 277829 | 283073 |
| &nbsp;&nbsp;Series 2023-SD4026, 6.000%, due 10/1/53 | 84046 | 85867 |
| &nbsp;&nbsp;Series 2023-SD4268, 6.000%, due 11/1/53 | 126187 | 128489 |
| &nbsp;&nbsp;Series 2023-SD8325, 6.000%, due 5/1/53 | 909932 | 924186 |
| &nbsp;&nbsp;Series 2023-SD8329, 5.000%, due 6/1/53 | 533642 | 520444 |
| &nbsp;&nbsp;Series 2023-SD8342, 5.500%, due 7/1/53 | 1966542 | 1960732 |
| &nbsp;&nbsp;Series 2023-SD8369, 6.500%, due 10/1/53 | 30821 | 31815 |
| &nbsp;&nbsp;Series 2024-SD4958, 2.000%, due 6/1/52 | 3625251 | 2841693 |
| &nbsp;&nbsp;Series 2024-SD5040, 5.500%, due 3/1/54 | 64465 | 64448 |
| &nbsp;&nbsp;Series 2024-SD6766, 5.500%, due 11/1/54 | 1237895 | 1232350 |
| &nbsp;&nbsp;Series 2024-SD6871, 5.500%, due 11/1/54 | 739057 | 738623 |
| &nbsp;&nbsp;Series 2024-SD8407, 5.000%, due 3/1/54 | 211081 | 205688 |
| &nbsp;&nbsp;Series 2025-RR0009, 5.000%, due 7/1/40 | 366349 | 367409 |
| &nbsp;&nbsp;Series 2025-SB8384, 5.000%, due 5/1/40 | 288704 | 289539 |
| &nbsp;&nbsp;Series 2025-SL0927, 6.000%, due 9/1/54 | 1070418 | 1093034 |
| &nbsp;&nbsp;Series 2025-SL1570, 6.000%, due 7/1/55 | 591898 | 600273 |
| Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-4993 KS, 1.586%, (1 Month SOFR + 5.94%), due 7/25/50<sup>(b)(c)</sup> | 141682 | 17995 |
| &nbsp;&nbsp;&nbsp;Series 2020-4994 TS, 1.636%, (1 Month SOFR + 5.99%), due 7/25/50<sup>(b)(c)</sup> | 1437714 | 182495 |
| &nbsp;&nbsp;&nbsp;Series 2020-5021 SA, (1 Month SOFR + 3.55%), due 10/25/50<sup>(b)(c)</sup> | 912605 | 22109 |
| &nbsp;&nbsp;&nbsp;Series 2020-5036 IO, 3.500%, due 11/25/50<sup>(c)</sup> | 704553 | 152315 |
| &nbsp;&nbsp;&nbsp;Series 2020-5040 IO, 3.500%, due 11/25/50<sup>(c)</sup> | 54203 | 10074 |
| &nbsp;&nbsp;Series 2020-5041 JE, 1.250%, due 3/25/49 | 78362 | 62930 |
| &nbsp;&nbsp;&nbsp;Series 2021-5070 PI, 3.000%, due 8/25/50<sup>(c)</sup> | 63592 | 11769 |
| &nbsp;&nbsp;Series 2021-5092 XA, 1.000%, due 1/15/41 | 100920 | 86465 |
| &nbsp;&nbsp;&nbsp;Series 2021-5094 IP, 3.000%, due 4/25/51<sup>(c)</sup> | 501707 | 80874 |
| &nbsp;&nbsp;&nbsp;Series 2021-5152 BI, 3.000%, due 7/25/50<sup>(c)</sup> | 86839 | 14754 |
| &nbsp;&nbsp;&nbsp;Series 2021-5167 GI, 3.000%, due 11/25/51<sup>(c)</sup> | 971171 | 166798 |
| &nbsp;&nbsp;&nbsp;Series 2022-5191 IO, 3.500%, due 9/25/50<sup>(c)</sup> | 68188 | 12431 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-5205 KI, 3.000%, due 12/25/48<sup>(c)</sup> | $60870 | $6526 |
| &nbsp;&nbsp;&nbsp;Series 2023-5326 QO, 0.000%, due 9/25/50<sup>(d)(e)</sup> | 431640 | 279301 |
| &nbsp;&nbsp;Series 2023-5328 JY, 0.250%, due 9/25/50 | 426739 | 286557 |
| &nbsp;&nbsp;&nbsp;Series 2023-5351 DO, 0.000%, due 9/25/53<sup>(d)(e)</sup> | 110272 | 91139 |
| &nbsp;&nbsp;&nbsp;Series 2024-5471 SK, 1.000%, (1 Month SOFR + 5.35%), due 8/25/54<sup>(b)(c)</sup> | 2839868 | 117806 |
| &nbsp;&nbsp;&nbsp;Series 2024-5472 SB, 1.000%, (1 Month SOFR + 5.35%), due 11/25/54<sup>(b)(c)</sup> | 3710642 | 170905 |
| &nbsp;&nbsp;&nbsp;Series 2025-5527 FA, 5.350%, (1 Month SOFR + 1.00%), due 4/25/55<sup>(b)</sup> | 575635 | 572987 |
| Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA1 B1, 7.000%, (1 Month SOFR + 2.65%), due 1/25/51<sup>(b)</sup> | 580000 | 607914 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA5 M2, 6.000%, (1 Month SOFR + 1.65%), due 1/25/34<sup>(b)</sup> | 159042 | 159639 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6 B2, 11.850%, (1 Month SOFR + 7.50%), due 10/25/41<sup>(b)</sup> | 145000 | 154000 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7 B2, 12.150%, (1 Month SOFR + 7.80%), due 11/25/41<sup>(b)</sup> | 570000 | 609364 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA3 B2, 10.600%, (1 Month SOFR + 6.25%), due 9/25/41<sup>(b)</sup> | 1070000 | 1115209 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA4 B2, 11.350%, (1 Month SOFR + 7.00%), due 12/25/41<sup>(b)</sup> | 713000 | 754601 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA4 M2, 6.700%, (1 Month SOFR + 2.35%), due 12/25/41<sup>(b)</sup> | 120000 | 121752 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1 M2, 9.600%, (1 Month SOFR + 5.25%), due 3/25/42<sup>(b)</sup> | 225000 | 238896 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA3 M2, 9.700%, (1 Month SOFR + 5.35%), due 8/25/42<sup>(b)</sup> | 705000 | 758358 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1 M2, 6.350%, (1 Month SOFR + 2.00%), due 3/25/44<sup>(b)</sup> | 385000 | 389811 |
| Freddie Mac STACR Securitized Participation Interests Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-SPI3 B, 4.157%, due 8/25/48<sup>(a)(b)</sup> | 697534 | 537670 |
| Freddie Mac STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-FTR1 B2, 12.814%, (1 Month SOFR + 8.46%), due 1/25/48<sup>(b)</sup> | 385000 | 456446 |
| &nbsp;&nbsp;&nbsp;Series 2019-FTR3 B2, 9.220%, (1 Month SOFR + 4.91%), due 9/25/47<sup>(b)</sup> | 500000 | 542179 |
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-240, 0.000%, due 7/15/36<sup>(d)(e)</sup> | 34005 | 29992 |
| &nbsp;&nbsp;&nbsp;Series 2007-246, 0.000%, due 5/15/37<sup>(d)(e)</sup> | 49429 | 40841 |
| &nbsp;&nbsp;&nbsp;Series 2012-272, 0.000%, due 8/15/42<sup>(d)(e)</sup> | 151072 | 115323 |
| &nbsp;&nbsp;&nbsp;Series 2013-311 S1, 1.496%, (1 Month SOFR + 5.84%), due 8/15/43<sup>(b)(c)</sup> | 1213557 | 121940 |
| &nbsp;&nbsp;&nbsp;Series 2023-397 C61, 5.500%, due 1/25/53<sup>(c)</sup> | 617522 | 138694 |
| &nbsp;&nbsp;&nbsp;Series 2023-402, 0.000%, due 9/25/53<sup>(d)(e)</sup> | 93059 | 76155 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;Series 2021-MA7706, 3.000%, due 11/20/51 | 858075 | 750266 |
| &nbsp;&nbsp;Series 2024-787246, 3.000%, due 9/20/53 | 1280911 | 1091200 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| Ginnie Mae Strip |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1 1, 0.000%, due 7/20/34<sup>(d)(e)</sup> | $16657 | $14331 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-93 AI, 4.500%, due 7/20/44<sup>(c)</sup> | 607011 | 146091 |
| &nbsp;&nbsp;&nbsp;Series 2019-128 KF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(b)</sup> | 27121 | 24041 |
| &nbsp;&nbsp;&nbsp;Series 2019-128 YF, 3.500%, (1 Month CME SOFR + 0.76%), due 10/20/49<sup>(b)</sup> | 27851 | 24739 |
| &nbsp;&nbsp;&nbsp;Series 2019-92 GF, 3.500%, (1 Month CME SOFR + 0.80%), due 7/20/49<sup>(b)</sup> | 26872 | 23847 |
| &nbsp;&nbsp;&nbsp;Series 2019-97 FG, 3.500%, (1 Month CME SOFR + 0.80%), due 8/20/49<sup>(b)</sup> | 613532 | 544210 |
| &nbsp;&nbsp;&nbsp;Series 2020-1 YS, (1 Month CME SOFR + 2.72%), due 1/20/50<sup>(b)(c)</sup> | 120241 | 1293 |
| &nbsp;&nbsp;&nbsp;Series 2020-129 SB, (1 Month CME SOFR + 3.09%), due 9/20/50<sup>(b)(c)</sup> | 161085 | 2281 |
| &nbsp;&nbsp;&nbsp;Series 2020-146 SA, 1.835%, (1 Month CME SOFR + 6.19%), due 10/20/50<sup>(b)(c)</sup> | 132277 | 18388 |
| &nbsp;&nbsp;&nbsp;Series 2020-149 IQ, 2.500%, due 10/20/50<sup>(c)</sup> | 138488 | 20114 |
| &nbsp;&nbsp;Series 2020-166 CA, 1.000%, due 11/20/50 | 323762 | 235323 |
| &nbsp;&nbsp;&nbsp;Series 2020-166 IC, 2.000%, due 11/20/50<sup>(c)</sup> | 63483 | 7878 |
| &nbsp;&nbsp;&nbsp;Series 2020-167 SN, 1.835%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(b)(c)</sup> | 452006 | 63476 |
| &nbsp;&nbsp;&nbsp;Series 2020-168 IA, 0.980%, due 12/16/62<sup>(a)(b)(c)</sup> | 2077789 | 147851 |
| &nbsp;&nbsp;&nbsp;Series 2020-177 IO, 0.820%, due 6/16/62<sup>(a)(b)(c)</sup> | 237920 | 14050 |
| &nbsp;&nbsp;&nbsp;Series 2020-183 HT, 1.422%, (1 Month SOFR + 5.77%), due 12/20/50<sup>(b)(c)</sup> | 120469 | 14747 |
| &nbsp;&nbsp;&nbsp;Series 2020-188 GI, 2.000%, due 12/20/50<sup>(c)</sup> | 1024219 | 121818 |
| &nbsp;&nbsp;&nbsp;Series 2020-188 IO, 2.000%, due 12/20/50<sup>(c)</sup> | 89961 | 10247 |
| &nbsp;&nbsp;&nbsp;Series 2020-189 NS, 1.835%, (1 Month CME SOFR + 6.19%), due 12/20/50<sup>(b)(c)</sup> | 125652 | 17669 |
| &nbsp;&nbsp;&nbsp;Series 2020-189 SU, 1.835%, (1 Month CME SOFR + 6.19%), due 12/20/50<sup>(b)(c)</sup> | 375738 | 52686 |
| &nbsp;&nbsp;&nbsp;Series 2020-34 SC, 1.585%, (1 Month CME SOFR + 5.94%), due 3/20/50<sup>(b)(c)</sup> | 80552 | 9885 |
| &nbsp;&nbsp;&nbsp;Series 2020-5 FA, 3.500%, (1 Month CME SOFR + 0.81%), due 1/20/50<sup>(b)</sup> | 395914 | 350930 |
| &nbsp;&nbsp;&nbsp;Series 2020-96 CS, 1.635%, (1 Month CME SOFR + 5.99%), due 8/20/49<sup>(b)(c)</sup> | 230669 | 27446 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 IT, 3.000%, due 1/20/51<sup>(c)</sup> | 857670 | 143550 |
| &nbsp;&nbsp;&nbsp;Series 2021-1 PI, 2.500%, due 12/20/50<sup>(c)</sup> | 68264 | 10366 |
| &nbsp;&nbsp;&nbsp;Series 2021-122 HS, 1.835%, (1 Month CME SOFR + 6.19%), due 7/20/51<sup>(b)(c)</sup> | 1011129 | 135965 |
| &nbsp;&nbsp;&nbsp;Series 2021-140 GF, 2.500%, (1 Month CME SOFR + 0.76%), due 8/20/51<sup>(b)</sup> | 449021 | 364293 |
| &nbsp;&nbsp;&nbsp;Series 2021-16 AS, (1 Month CME SOFR + 2.64%), due 1/20/51<sup>(b)(c)</sup> | 2143142 | 18538 |
| &nbsp;&nbsp;&nbsp;Series 2021-177 IM, 3.000%, due 10/20/51<sup>(c)</sup> | 99519 | 16698 |
| &nbsp;&nbsp;&nbsp;Series 2021-177 SB, (1 Month SOFR + 3.20%), due 10/20/51<sup>(b)(c)</sup> | 4783644 | 68629 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-179 SA, 1.835%, (1 Month CME SOFR + 6.19%), due 11/20/50<sup>(b)(c)</sup> | $1037046 | $143718 |
| &nbsp;&nbsp;&nbsp;Series 2021-188 IO, 2.500%, due 10/20/51<sup>(c)</sup> | 1202474 | 201631 |
| &nbsp;&nbsp;Series 2021-205 GA, 2.000%, due 11/20/51 | 135628 | 110714 |
| &nbsp;&nbsp;&nbsp;Series 2021-226 SA, (1 Month SOFR + 1.70%),due 12/20/51<sup>(b)(c)</sup> | 19076481 | 57624 |
| &nbsp;&nbsp;&nbsp;Series 2021-29 AS, (1 Month SOFR + 2.70%), due 2/20/51<sup>(b)(c)</sup> | 244175 | 2247 |
| &nbsp;&nbsp;&nbsp;Series 2021-30 HI, 2.000%, due 2/20/51<sup>(c)</sup> | 193241 | 21550 |
| &nbsp;&nbsp;&nbsp;Series 2021-44 IQ, 3.000%, due 3/20/51<sup>(c)</sup> | 626723 | 103203 |
| &nbsp;&nbsp;&nbsp;Series 2021-47 IO, 0.992%, due 3/16/61<sup>(a)(b)(c)</sup> | 360794 | 23989 |
| &nbsp;&nbsp;&nbsp;Series 2021-50 KI, 2.500%, due 1/20/48<sup>(c)</sup> | 175988 | 19600 |
| &nbsp;&nbsp;&nbsp;Series 2021-56 FE, 2.500%, (1 Month SOFR + 0.20%), due 10/20/50<sup>(b)(c)</sup> | 125257 | 18086 |
| &nbsp;&nbsp;&nbsp;Series 2021-57 SA, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(b)(c)</sup> | 1695395 | 213337 |
| &nbsp;&nbsp;&nbsp;Series 2021-57 SD, 1.835%, (1 Month CME SOFR + 6.19%), due 3/20/51<sup>(b)(c)</sup> | 2399734 | 310620 |
| &nbsp;&nbsp;&nbsp;Series 2021-67 PI, 3.000%, due 4/20/51<sup>(c)</sup> | 83183 | 14252 |
| &nbsp;&nbsp;&nbsp;Series 2021-96 FG, 3.500%, (1 Month SOFR + 0.30%), due 6/20/51<sup>(b)</sup> | 384541 | 340766 |
| &nbsp;&nbsp;Series 2021-96 GP, 1.000%, due 6/20/51 | 362132 | 275140 |
| &nbsp;&nbsp;&nbsp;Series 2021-96 JS, 1.885%, (1 Month CME SOFR + 6.24%), due 6/20/51<sup>(b)(c)</sup> | 1127599 | 156580 |
| &nbsp;&nbsp;&nbsp;Series 2021-96 NS, 1.835%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(b)(c)</sup> | 128077 | 16947 |
| &nbsp;&nbsp;&nbsp;Series 2021-96 SN, 1.835%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(b)(c)</sup> | 157586 | 18989 |
| &nbsp;&nbsp;&nbsp;Series 2021-97 SM, 1.835%, (1 Month CME SOFR + 6.19%), due 6/20/51<sup>(b)(c)</sup> | 111062 | 16102 |
| &nbsp;&nbsp;&nbsp;Series 2021-98 IN, 3.000%, due 6/20/51<sup>(c)</sup> | 78553 | 13744 |
| &nbsp;&nbsp;&nbsp;Series 2022-1 CF, 2.500%, (1 Month SOFR + 0.80%), due 1/20/52<sup>(b)</sup> | 240696 | 197413 |
| &nbsp;&nbsp;&nbsp;Series 2022-10 IC, 2.000%, due 11/20/51<sup>(c)</sup> | 1083161 | 129590 |
| &nbsp;&nbsp;&nbsp;Series 2022-101 SB, (1 Month SOFR + 3.30%), due 6/20/52<sup>(b)(c)</sup> | 1101559 | 13571 |
| &nbsp;&nbsp;&nbsp;Series 2022-107 SA, (1 Month SOFR + 3.47%), due 6/20/52<sup>(b)(c)</sup> | 5558415 | 73699 |
| &nbsp;&nbsp;Series 2022-113 Z, 2.000%, due 9/16/61 | 42542 | 20075 |
| &nbsp;&nbsp;&nbsp;Series 2022-182 IO, 3.000%, due 10/20/45<sup>(c)</sup> | 315167 | 43541 |
| &nbsp;&nbsp;&nbsp;Series 2022-185 DI, 1.022%, due 10/16/65<sup>(a)(b)(c)</sup> | 877707 | 61582 |
| &nbsp;&nbsp;&nbsp;Series 2022-190 HS, 1.585%, (1 Month CME SOFR + 5.94%), due 2/20/50<sup>(b)(c)</sup> | 319514 | 33950 |
| &nbsp;&nbsp;&nbsp;Series 2022-207 IO, 3.000%, due 8/20/51<sup>(c)</sup> | 77256 | 12578 |
| &nbsp;&nbsp;&nbsp;Series 2022-78 S, (1 Month SOFR + 3.70%), due 4/20/52<sup>(b)(c)</sup> | 135618 | 1941 |
| &nbsp;&nbsp;&nbsp;Series 2022-87 SA, (1 Month SOFR + 3.30%), due 5/20/52<sup>(b)(c)</sup> | 2194388 | 27035 |
| &nbsp;&nbsp;Series 2023-1 HD, 3.500%, due 1/20/52 | 177723 | 159854 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Government & Federal Agencies (continued)** |  |  |
| **Mortgage Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-159 CI, 0.953%, due 7/16/65<sup>(a)(b)(c)</sup> | $1911908 | $137567 |
| &nbsp;&nbsp;&nbsp;Series 2023-172 IO, 1.382%, due 2/16/66<sup>(a)(b)(c)</sup> | 2256059 | 209122 |
| &nbsp;&nbsp;&nbsp;Series 2023-194 CI, 0.817%, due 10/16/65<sup>(a)(b)(c)</sup> | 1500704 | 95523 |
| &nbsp;&nbsp;&nbsp;Series 2023-26 L, 3.800%, due 4/16/65<sup>(a)(b)</sup> | 180000 | 131520 |
| &nbsp;&nbsp;&nbsp;Series 2023-37 IB, 2.500%, due 10/20/50<sup>(c)</sup> | 646109 | 95086 |
| &nbsp;&nbsp;&nbsp;Series 2023-53, 0.000%, due 4/20/53<sup>(d)(e)</sup> | 265292 | 208974 |
| &nbsp;&nbsp;&nbsp;Series 2023-59 YC, 7.130%, due 9/20/51<sup>(a)(b)</sup> | 65107 | 71270 |
| &nbsp;&nbsp;&nbsp;Series 2023-60 ES, 2.504%, (1 Month SOFR + 11.20%), due 4/20/53<sup>(b)</sup> | 58750 | 51947 |
| &nbsp;&nbsp;Series 2023-63 MA, 3.500%, due 5/20/50 | 176310 | 160543 |
| &nbsp;&nbsp;&nbsp;Series 2023-66 OQ, 0.000%, due 7/20/52<sup>(d)(e)</sup> | 158281 | 122023 |
| &nbsp;&nbsp;&nbsp;Series 2023-80 SA, 0.902%, (1 Month SOFR + 5.25%), due 6/20/53<sup>(b)(c)</sup> | 2157568 | 76789 |
| &nbsp;&nbsp;&nbsp;Series 2023-86 SE, 2.302%, (1 Month SOFR + 6.65%), due 9/20/50<sup>(b)(c)</sup> | 721420 | 106210 |
| &nbsp;&nbsp;&nbsp;Series 2024-29 B, 2.500%, due 8/16/64<sup>(a)(b)</sup> | 265000 | 192215 |
| &nbsp;&nbsp;&nbsp;Series 2024-48 JI, 3.000%, due 7/20/51<sup>(c)</sup> | 806309 | 134565 |
| &nbsp;&nbsp;&nbsp;Series 2024-51 SX, 0.852%, (1 Month SOFR + 5.20%), due 3/20/54<sup>(b)(c)</sup> | 3840703 | 150083 |
| &nbsp;&nbsp;&nbsp;Series 2025-112 IO, 0.564%, due 3/16/66<sup>(a)(b)(c)</sup> | 2332314 | 117934 |
| Seasoned Credit Risk Transfer Trust Series |  |  |
| &nbsp;&nbsp;Series 2025-1 MTU, 3.250%, due 11/25/64 | 1446967 | 1241800 |
| Seasoned Loans Structured Transaction Series |  |  |
| &nbsp;&nbsp;Series 2018-1 A1, 3.500%, due 6/25/28 | 47134 | 45639 |
|  |  | 70849208 |
| **Total U.S. Government & Federal Agencies** |  |  |
| &nbsp;&nbsp;**(Cost $71,010,399)** |  | **70849208** |
|  | **Shares** | **Value** |
| **Collateralized Loan Obligations — 4.0%** |  |  |
| AGL CLO 17 Ltd., (Cayman Islands), Class Series 2022-17A BR, 5.73%<sup>(b)</sup> | 400000 | 400157 |
| AGL CLO 32 Ltd., (Cayman Islands), Class Series 2024-32A A1, 5.71%<sup>(b)</sup> | 250000 | 250653 |
| AGL CLO 35 Ltd., (Cayman Islands), Class Series 2024-35A A2, 5.88%<sup>(b)</sup> | 250000 | 250572 |
| AIMCO CLO Series, (Cayman Islands), Class Series 2018-AA B1R, 5.97%<sup>(b)</sup> | 300000 | 300791 |
| Apidos CLO LI Ltd., (Jersey), Class Series 2024-51A B, 5.88%<sup>(b)</sup> | 250000 | 250202 |
| Apidos CLO XVIII-R, Class Series 2018-18A BR2, 6.03%<sup>(b)</sup> | 380000 | 381759 |
| Ares Direct Lending CLO 3 LLC, Class Series 2024-3A A2, 6.08%<sup>(b)</sup> | 250000 | 250143 |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Collateralized Loan Obligations (continued)** |  |  |
| Bain Capital Credit CLO Ltd., (Cayman Islands), Class Series 2021-6A DR, 7.28%<sup>(b)</sup> | 250000 | $249358 |
| BCC Middle Market CLO 2025-1 LLC, Class Series 2025-1A A1, 5.73%<sup>(b)</sup> | 275000 | 275619 |
| Blackrock Rainier CLO VI Ltd., (Cayman Islands), Class Series 2021-6A A1R, 5.88%<sup>(b)</sup> | 250000 | 250042 |
| BXDL Static CLO, Class Series 2025-1A A1, 5.62%<sup>(b)</sup> | 298000 | 298032 |
| Fortress Credit Opportunities XXI CLO LLC, Class Series 2023-21A A1TR, 5.90%<sup>(b)</sup> | 300000 | 300590 |
| Golub Capital Partners CLO 49M Ltd., (Cayman Islands), Class Series 2020-49A A2R2, 6.00%<sup>(b)</sup> | 400000 | 400043 |
| Golub Capital Partners CLO 76 B Ltd., (Jersey), Class Series 2024-76A A1, 5.69%<sup>(b)</sup> | 250000 | 250890 |
| Golub Capital Partners CLO 78M, Class Series 2025-78A A1, 5.71%<sup>(b)</sup> | 400000 | 399321 |
| Great Lakes CLO Ltd., (Cayman Islands), Class Series 2019-1A ARR, 5.80%<sup>(b)</sup> | 340000 | 340352 |
| OCP CLO Ltd., (Cayman Islands), Class Series 2017-14A A1R, 5.70%<sup>(b)</sup> | 250000 | 250498 |
| Owl Rock CLO XX LLC, (Cayman Islands), Class Series 2024-20A C, 6.42%<sup>(b)</sup> | 250000 | 247421 |
| Signal Peak CLO 12 Ltd., (Jersey), Class Series 2022-12A A1R, 5.73%<sup>(b)</sup> | 250000 | 250883 |
| Silver Point SCF CLO IV Ltd., Class Series 2021-1A A2R, 6.27%<sup>(b)</sup> | 250000 | 251667 |
| Texas Debt Capital CLO Ltd., (Cayman Islands), Class Series 2024-2A B, 6.02%<sup>(b)</sup> | 250000 | 250622 |
| **Total Collateralized Loan Obligations** |  |  |
| &nbsp;&nbsp;**(Cost $6,092,500)** |  | **6099615** |
| **Short-Term Investment — 1.6%** |  |  |
| **Money Market Fund — 1.6%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, 4.19%<sup>(f)</sup> |  |  |
| **(Cost $2,483,284)** | 2483284 | **2483284** |
| **Total Investments — 100.4%<br> (Cost $154,149,161)** |  | **154558202** |
| **Other Assets and Liabilities,<br> Net — (0.4)%** |  | **(606611)** |
| **Net Assets — 100.0%** |  | $**153951591** |

---

(a) Adjustable rate security with
 an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement
 and current market conditions.

(b) Variable rate securities that may be tendered
 back to the issuer at any time prior to maturity at par. Rate shown is the rate in effect as of July 31, 2025.

(c) Interest only security. An interest only security
 is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion
 of the security.

(d) A principal only security is the principal only
 portion of a fixed income security, which is separated and sold individually from the interest portion of the security.

(e) The security was issued on a discount basis with
 no stated coupon rate. Rate shown reflects the effective yield.

(f) Reflects the 7-day yield at July 31, 2025.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CMT | - 1 year Constant Maturity Treasury Index |
| SOFR | - Secured Financing Overnight Rate |
| REMIC | - Real Estate Mortgage Investment Conduit |

---

Schedule of Investments ─ NYLI MacKay Securitized Income ETF (continued)

July 31, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open futures contracts outstanding at July 31, 2025:** | **Open futures contracts outstanding at July 31, 2025:** | **Open futures contracts outstanding at July 31, 2025:** | **Open futures contracts outstanding at July 31, 2025:** | **Open futures contracts outstanding at July 31, 2025:** | **Open futures contracts outstanding at July 31, 2025:** | **Open futures contracts outstanding at July 31, 2025:** |
| **<u>Type</u>** | **Broker** | **Expiration Date** | **Number of**<br> **Contracts** <br> **Purchased**<br> **(Sold)** | **Notional**<br> **Value at** <br> **Trade Date** | **Notional Value at**<br> **July 31, 2025** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| U.S. 10 Year Note (CBT) | Citigroup Global Markets Inc. | September 2025 | 246 | &nbsp;&nbsp;&nbsp;&nbsp;$27147157 | &nbsp;&nbsp;&nbsp;&nbsp;$27321375 | &nbsp;&nbsp;&nbsp;&nbsp;$174218 |
| U.S. 10 Year Ultra Note | Citigroup Global Markets Inc. | September 2025 | (14) | (1576561) | (1583094) | (6533) |
| U.S. 5 Year Note (CBT) | Citigroup Global Markets Inc. | September 2025 | 43 | 4646023 | 4651391 | 5368 |
| U.S. Long Bond (CBT) | Citigroup Global Markets Inc. | September 2025 | (9) | (1002143) | (1027687) | (25545) |
|  |  |  |  |  |  | $147508 |

---

CBT — Chicago Board of Trade

Cash posted as collateral to broker for futures contracts was $470,150 at July 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements. | The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements. | The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements. | The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements. | The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements. |
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Asset Valuation Inputs** |  |  |  |  |
| Investments in Securities:<sup>(g)</sup> |  |  |  |  |
| &nbsp;&nbsp;Collateralized Loan Obligations | $— | $6099615 | $— | $6099615 |
| &nbsp;&nbsp;Collateralized Mortgage Obligations |  | 27284229 |  | 27284229 |
| &nbsp;&nbsp;Commercial Asset-Backed Securities |  | 21658207 |  | 21658207 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 26183659 |  | 26183659 |
| &nbsp;&nbsp;U.S. Government & Federal Agencies |  | 70849208 |  | 70849208 |
| Short-Term Investment: |  |  |  |  |
| &nbsp;&nbsp;Money Market Fund | 2483284 |  |  | 2483284 |
| Total Investments in Securities | 2483284 | 152074918 |  | 154558202 |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | 179586 |  |  | 179586 |
| Total Investments in Securities and Other Financial Instruments | $2662870 | $152074918 | $— | $154737788 |
| **Liability Valuation Inputs** |  |  |  |  |
| Other Financial Instruments:<sup>(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;Futures Contracts | $(32078) | $— | $— | $(32078) |

---

(g) For
 a complete listing of investments and their industries, see the Schedule of Investments.

(h) Reflects the unrealized
 appreciation (depreciation) of the instruments.

For the period ended July 31, 2025, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** New York Life Investments Active ETF Trust

- **b. Investment Company Act file number:** 811-22739

- **c. CIK number of Registrant:** 0001426439

- **d. LEI of Registrant:** 549300VWZDQ61K9DOP39

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

  - **Street Address 1:** 51 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **Telephone number:** 888-474-7725

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

- **a. Name of Series:** NYLI MacKay Securitized Income ETF

- **b. EDGAR series identifier (if any):** S000084196

- **c. LEI of Series:** 529900V03XWJN0RHX644

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $155775744.65

**Total Liabilities:** $1824155.12

**Net Assets:** $153951589.53

**Delayed Delivery Securities:** $1135305.51

**Cash Not Reported:** $556688.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 105.46779000 | **1-Year:** 4148.00789000 | **5-Year:** 37857.04754000 | **10-Year:** 22275.41005000 | **30-Year:** 753.42280000

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

- **3-Month:** 37.33351000 | **1-Year:** 3330.63834000 | **5-Year:** 4973.03181000 | **10-Year:** 3275.11863000 | **30-Year:** 474.11603000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248469 | -0.51%               | 1.60%                | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $117328.51               | $-1076194.97                               |
| Month 2  | $-49029.25               | $1489375.04                                |
| Month 3  | $-14414.43               | $-1436597.60                               |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Securitized Bond Index

- **Index Identifier:** LHMN5582

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2024-1                                              | CUSIP: 501689AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102891.63    | 0.07%             | 2031-06-16      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137H5N86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68188 | PA      | $12431.48     | 0.01%             | 2050-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2016-DC2 Mortgage Trust                                                   | CUSIP: 12594CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760000 | PA      | $719061.54    | 0.47%             | 2049-02-10      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XRQF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    288412 | PA      | $274099.15    | 0.18%             | 2053-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38380RA75<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    360794 | PA      | $23989.13     | 0.02%             | 2061-03-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Blackrock CLO                               | Blackrock Rainier CLO VI Ltd                                                   | CUSIP: 09261MAQ9<br>LEI: 549300HF4E86WXQDUX86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250041.75    | 0.16%             | 2037-04-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137HKWJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    575635 | PA      | $572986.98    | 0.37%             | 2055-04-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2019-B11 Mortgage Trust                                              | CUSIP: 08162BBE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $213879.65    | 0.14%             | 2052-05-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382LTQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120469 | PA      | $14746.63     | 0.01%             | 2050-12-20      | Floating      | 1.42%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS I LLC                        | QTS Issuer ABS I LLC                                                           | CUSIP: 74690DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $402126.04    | 0.26%             | 2055-05-25      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381YHP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    613532 | PA      | $544209.88    | 0.35%             | 2049-08-20      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381JBN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    180000 | PA      | $131519.54    | 0.09%             | 2065-04-16      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC               | UWM Mortgage Trust 2021-INV5                                                   | CUSIP: 90355DAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    584949 | PA      | $488546.77    | 0.32%             | 2052-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2016-DC2 Mortgage Trust                                                   | CUSIP: 12594CBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    395000 | PA      | $388181.12    | 0.25%             | 2049-02-10      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-1                                       | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $617519.23    | 0.40%             | 2030-11-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381JA72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2256059 | PA      | $209121.52    | 0.14%             | 2066-02-16      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust              | Hyundai Auto Receivables Trust 2024-B                                          | CUSIP: 44934QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $213998.25    | 0.14%             | 2031-10-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA                                       | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $318400.00    | 0.21%             | 2042-02-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2019-BNK20                                                                | CUSIP: 06540AAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $78231.85     | 0.05%             | 2062-09-15      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                 | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F                      | CUSIP: 59020UNF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54962 | PA      | $48501.26     | 0.03%             | 2029-12-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2020-3                                              | CUSIP: 33844TAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22808 | PA      | $22745.33     | 0.01%             | 2026-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1506490 | PA      | $1431731.02   | 0.93%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2018-B2                                    | CUSIP: 17327FAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1070000 | PA      | $809637.86    | 0.53%             | 2051-03-10      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                   | CIM Trust 2025-NR1                                                             | CUSIP: 17181YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    278010 | PA      | $271615.11    | 0.18%             | 2064-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Corp Trust 2022-PJ4                              | CUSIP: 36264RAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1613480 | PA      | $1298788.59   | 0.84%             | 2052-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382CGQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    395914 | PA      | $350930.12    | 0.23%             | 2050-01-20      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Regatta Funding                             | Regatta XI Funding Ltd                                                         | CUSIP: 75887XAN7<br>LEI: 254900TUAAER6MTE4E64 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250520.50    | 0.16%             | 2037-07-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                             | CUSIP: 3142G4PC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    617522 | PA      | $138693.66    | 0.09%             | 2053-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38384KVY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3840703 | PA      | $150083.16    | 0.10%             | 2054-03-20      | Floating      | 0.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382VAW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    111062 | PA      | $16102.34     | 0.01%             | 2051-06-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XQAF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5384246 | PA      | $4217077.24   | 2.74%             | 2052-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XPND7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71122 | PA      | $71095.96     | 0.05%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38384BPQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2157568 | PA      | $76789.35     | 0.05%             | 2053-06-20      | Floating      | 0.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BSLE3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2423201 | PA      | $149944.79    | 0.10%             | 2054-07-25      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWEQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2168604 | PA      | $1940051.63   | 1.26%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CAMB Commercial Mortgage Trust              | CAMB Commercial Mortgage Trust 2021-CX2                                        | CUSIP: 12477BAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $462637.56    | 0.30%             | 2046-11-10      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383P8S3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    135618 | PA      | $1940.92      | 0.00%             | 2052-04-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JPMCC Commercial Mortgage Securities Trust 2019-COR4                           | CUSIP: 48128YBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115000 | PA      | $105535.83    | 0.07%             | 2052-03-10      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2005-AR6 Trust                  | CUSIP: 92922FJ25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50843 | PA      | $51572.90     | 0.03%             | 2045-04-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortga              | UBS-Barclays Commercial Mortgage Trust 2013-C5                                 | CUSIP: 90270YAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490061 | PA      | $469290.80    | 0.30%             | 2046-03-10      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -9 | NC      | $-25544.94    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Accepta              | Mello Mortgage Capital Acceptance 2021-MTG1                                    | CUSIP: 585495BN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109065 | PA      | $87520.13     | 0.06%             | 2051-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus              | CSAIL 2015-C1 Commercial Mortgage Trust                                        | CUSIP: 126281BF0<br>LEI: 549300UFJ8EKD81Y8R30 | Long             | ABS-MBS          | CORP              | US        |    293000 | PA      | $266038.14    | 0.17%             | 2050-04-15      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2018-GS10                                         | CUSIP: 36250SAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $344883.10    | 0.22%             | 2051-07-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140X6PP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85152 | PA      | $73741.81     | 0.05%             | 2050-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2022-2                                              | CUSIP: 33844XAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615000 | PA      | $565745.82    | 0.37%             | 2028-04-17      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus              | CarMax Select Receivables Trust 2025-A                                         | CUSIP: 14319UAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305000 | PA      | $310987.30    | 0.20%             | 2031-07-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                    | Mill City Mortgage Loan Trust 2018-3                                           | CUSIP: 59980XAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    553819 | PA      | $418216.17    | 0.27%             | 2058-08-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust              | MSWF Commercial Mortgage Trust 2023-2                                          | CUSIP: 55361AAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $80383.04     | 0.05%             | 2056-12-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137F6PH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54203 | PA      | $10073.90     | 0.01%             | 2050-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BK4K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    103982 | PA      | $12012.93     | 0.01%             | 2052-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BDR42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1087616 | PA      | $199776.12    | 0.13%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2017-GPTX                                    | CUSIP: 36257CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    513367 | PA      | $451989.04    | 0.29%             | 2034-05-10      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                | CD 2017-CD4 Mortgage Trust                                                     | CUSIP: 12515DAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    495000 | PA      | $454254.82    | 0.30%             | 2050-05-10      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38384ABU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    176310 | PA      | $160542.82    | 0.10%             | 2050-05-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BXDL Static CLO 2025-1 LLC                  | BXDL Static CLO 2025-1 LLC                                                     | CUSIP: 05617FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    298000 | PA      | $298032.48    | 0.19%             | 2035-07-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust               | UBS Commercial Mortgage Trust 2018-C9                                          | CUSIP: 90291JBB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $222490.82    | 0.14%             | 2051-03-15      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383CTL4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1202474 | PA      | $201631.05    | 0.13%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CART                                        | CONE Trust 2024-DFW1                                                           | CUSIP: 20682AAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $496277.35    | 0.32%             | 2041-08-15      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWFS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    568021 | PA      | $568152.05    | 0.37%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383TLA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5558415 | PA      | $73699.02     | 0.05%             | 2052-06-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                         | DT Auto Owner Trust 2021-4                                                     | CUSIP: 26253WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    371522 | PA      | $366296.27    | 0.24%             | 2027-09-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418ER77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2092119 | PA      | $2043782.84   | 1.33%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust               | Citigroup Mortgage Loan Trust 2014-C                                           | CUSIP: 17323GAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $539302.66    | 0.35%             | 2054-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 31427NW88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    591898 | PA      | $600272.94    | 0.39%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                     | CF Hippolyta Issuer LLC                                                        | CUSIP: 12530MAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395139 | PA      | $331780.73    | 0.22%             | 2060-07-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Bank                                        | Bank 2019-BNK19                                                                | CUSIP: 06540WBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1215000 | PA      | $885745.21    | 0.58%             | 2061-08-15      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    533642 | PA      | $520443.93    | 0.34%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWDZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    454646 | PA      | $389307.52    | 0.25%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XBG46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133898 | PA      | $111264.75    | 0.07%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381JN94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1500704 | PA      | $95523.25     | 0.06%             | 2065-10-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382MGE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    375738 | PA      | $52685.84     | 0.03%             | 2050-12-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2019-C51                                 | CUSIP: 95001VAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    445000 | PA      | $368202.21    | 0.24%             | 2052-06-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                     | Flagstar Mortgage Trust 2021-6INV                                              | CUSIP: 33851GAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142555 | PA      | $113994.21    | 0.07%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137FUFU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1437714 | PA      | $182494.88    | 0.12%             | 2050-07-25      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR1                                              | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $456446.45    | 0.30%             | 2048-01-25      | Floating      | 12.81%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    535561 | PA      | $494905.39    | 0.32%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                                             | CUSIP: 123913AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $450843.75    | 0.29%             | 2044-07-15      | Floating      | 8.05%                 | 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        |    100000 | PA      | $101654.88    | 0.07%             | 2036-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137FYEX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100920 | PA      | $86465.03     | 0.06%             | 2041-01-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust              | HarborView Mortgage Loan Trust 2005-2                                          | CUSIP: 41161PLR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64950 | PA      | $62171.20     | 0.04%             | 2035-05-19      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140Q9JA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56375 | PA      | $54450.53     | 0.04%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA3                                        | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |   1070000 | PA      | $1115209.21   | 0.72%             | 2041-09-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2014-USA OA LLC                                                           | CUSIP: 12649AAQ2<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $281562.50    | 0.18%             | 2037-09-15      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1174864 | PA      | $1194079.00   | 0.78%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2017-BNK6                                                                 | CUSIP: 060352AV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $385931.29    | 0.25%             | 2060-07-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R08                                   | CUSIP: 20755DAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95000 | PA      | $102422.35    | 0.07%             | 2042-07-25      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383XYN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    265292 | PA      | $208973.75    | 0.14%             | 2053-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SLST                          | Seasoned Loans Structured Transaction Series 2018-1                            | CUSIP: 35564CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     47134 | PA      | $45639.13     | 0.03%             | 2028-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                    | Mill City Mortgage Loan Trust 2018-4                                           | CUSIP: 59980YAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    414516 | PA      | $248893.31    | 0.16%             | 2066-04-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XMHT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100900 | PA      | $103230.55    | 0.07%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2024-01                        | CUSIP: 62548RAC3<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $420839.16    | 0.27%             | 2054-07-25      | Floating      | 11.10%                | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                     | CF Hippolyta Issuer LLC                                                        | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    438238 | PA      | $335177.09    | 0.22%             | 2061-03-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137HHAB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2839868 | PA      | $117805.96    | 0.08%             | 2054-08-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132D6J50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    288704 | PA      | $289539.41    | 0.19%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-11                                               | CUSIP: 46654KBU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10915174 | PA      | $141883.08    | 0.09%             | 2052-01-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWKU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    211081 | PA      | $205688.12    | 0.13%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Secur              | Banc of America Mortgage 2005-A Trust                                          | CUSIP: 05949AJ27<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     16328 | PA      | $15839.32     | 0.01%             | 2035-02-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Secu              | JPMDB Commercial Mortgage Securities Trust 2017-C7                             | CUSIP: 46648KAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $77695.69     | 0.05%             | 2050-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382J4U7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    125257 | PA      | $18086.13     | 0.01%             | 2050-10-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136B9ET0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68149 | PA      | $8445.11      | 0.01%             | 2050-02-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2019-B14 Mortgage Trust                                              | CUSIP: 08162YAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    485000 | PA      | $368303.08    | 0.24%             | 2062-12-15      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                          | Subway Funding LLC                                                             | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352338 | PA      | $356750.39    | 0.23%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                | AGL CLO 35 Ltd                                                                 | CUSIP: 00852KAB0<br>LEI: 254900LDCU83O7QV9777 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250572.00    | 0.16%             | 2038-01-21      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                 | Hertz Vehicle Financing III LLC                                                | CUSIP: 42806MDE6<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    445000 | PA      | $449226.79    | 0.29%             | 2029-12-26      | Fixed         | 8.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137F6TN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    704553 | PA      | $152314.77    | 0.10%             | 2050-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                       | CUSIP: 05377RKJ2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $247892.84    | 0.16%             | 2028-04-20      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382NAB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2143142 | PA      | $18538.18     | 0.01%             | 2051-01-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BTSF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    441001 | PA      | $445617.05    | 0.29%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1638907 | PA      | $1286719.22   | 0.84%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA7                                        | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    570000 | PA      | $609364.20    | 0.40%             | 2041-11-25      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 31427NA58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1070418 | PA      | $1093033.67   | 0.71%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2021-1                                              | CUSIP: 33843WAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135246 | PA      | $133516.82    | 0.09%             | 2027-03-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                   | Morgan Stanley Bank of America Merrill Lynch Trust 2025-C35                    | CUSIP: 61779CAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $403952.29    | 0.26%             | 2058-08-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor              | Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10             | CUSIP: 06054MAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $616666.96    | 0.40%             | 2049-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2022-ONL                                 | CUSIP: 95003WAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $308219.28    | 0.20%             | 2039-12-15      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                       | Tricon American Homes 2020-SFR1                                                | CUSIP: 89613GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $326381.35    | 0.21%             | 2038-07-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2016-NXS6                                | CUSIP: 95000KAJ4<br>LEI: 549300CFP9NBBMZH1008 | Long             | ABS-MBS          | CORP              | US        |    555000 | PA      | $490120.89    | 0.32%             | 2049-11-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3142JCAK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    366349 | PA      | $367408.78    | 0.24%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2005-AR16 Trust                 | CUSIP: 92922F6W3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62455 | PA      | $57348.72     | 0.04%             | 2035-12-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2018-H3                                         | CUSIP: 61767YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $112085.59    | 0.07%             | 2051-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382UYG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1127599 | PA      | $156580.34    | 0.10%             | 2051-06-20      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus              | Carmax Select Receivables Trust 2024-A                                         | CUSIP: 14319FAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $374066.05    | 0.24%             | 2030-12-16      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2014-UBS4 Mortgage Trust                                                  | CUSIP: 12591QAR3<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      2066 | PA      | $2041.00      | 0.00%             | 2047-08-10      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-RISE                                                             | CUSIP: 12434EAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84533 | PA      | $84480.08     | 0.05%             | 2036-11-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn8                                                     | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    430000 | PA      | $449648.38    | 0.29%             | 2044-05-25      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418ED64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    641177 | PA      | $549698.10    | 0.36%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382AGG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27851 | PA      | $24739.36     | 0.02%             | 2049-10-20      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383HFY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     77256 | PA      | $12578.18     | 0.01%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XM3V6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    129224 | PA      | $131472.95    | 0.09%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137H3AM4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86839 | PA      | $14753.83     | 0.01%             | 2050-07-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2004-AR12 Trust                 | CUSIP: 92922FZV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53501 | PA      | $52196.10     | 0.03%             | 2044-10-25      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                  | NCMF Trust 2025-MFS                                                            | CUSIP: 62887TAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $378265.69    | 0.25%             | 2033-06-10      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-2                                       | CUSIP: 37964VAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $716568.30    | 0.47%             | 2030-02-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381WS33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     26872 | PA      | $23847.01     | 0.02%             | 2049-07-20      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2024-3                                   | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $400394.48    | 0.26%             | 2030-04-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383VFN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    177723 | PA      | $159853.58    | 0.10%             | 2052-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DBUBS Mortgage Trust                        | DBUBS 2011-LC3 Mortgage Trust                                                  | CUSIP: 23305YAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $441987.00    | 0.29%             | 2044-05-10      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn10                                                    | CUSIP: 35563UAC2<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |    445000 | PA      | $448317.43    | 0.29%             | 2045-02-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                    | Dext ABS 2025-1 LLC                                                            | CUSIP: 252154AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295000 | PA      | $297190.38    | 0.19%             | 2036-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383U6A3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    315167 | PA      | $43541.50     | 0.03%             | 2045-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137H3LQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    971171 | PA      | $166798.25    | 0.11%             | 2051-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                             | CUSIP: 3128HXY25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    151072 | PA      | $115322.61    | 0.07%             | 2042-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2021-2                                              | CUSIP: 33844WAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98041.83     | 0.06%             | 2027-06-15      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                                   | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    395000 | PA      | $398206.81    | 0.26%             | 2044-03-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                 | RCKT Mortgage Trust 2021-5                                                     | CUSIP: 749384AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4373024 | PA      | $3522628.22   | 2.29%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140QAJE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28973 | PA      | $27917.86     | 0.02%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2022-1                                              | CUSIP: 46654WAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    751111 | PA      | $604596.03    | 0.39%             | 2052-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382LQC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    323762 | PA      | $235322.58    | 0.15%             | 2050-11-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                       | Tricon American Homes 2020-SFR1                                                | CUSIP: 89613GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $448765.83    | 0.29%             | 2038-07-17      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3133KN4F7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    726142 | PA      | $653456.68    | 0.42%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140JGLW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12414 | PA      | $11973.79     | 0.01%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-HQA1                                        | CUSIP: 35564KTJ8<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $238895.64    | 0.16%             | 2042-03-25      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                             | Fannie Mae Interest Strip                                                      | CUSIP: 31424UWR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    769673 | PA      | $185679.35    | 0.12%             | 2053-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132E0FK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    526586 | PA      | $437003.83    | 0.28%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                     | CarMax Auto Owner Trust 2024-1                                                 | CUSIP: 14318WAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $81187.89     | 0.05%             | 2029-08-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                | Drive Auto Receivables Trust 2024-1                                            | CUSIP: 26208WAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75717.71     | 0.05%             | 2031-11-17      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383V7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    646109 | PA      | $95085.93     | 0.06%             | 2050-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382AEQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27121 | PA      | $24040.89     | 0.02%             | 2049-10-20      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140X7KB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28082 | PA      | $24332.14     | 0.02%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BBB43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8048 | PA      | $6092.55      | 0.00%             | 2050-09-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | STACR Trust 2018-HRP1                                                          | CUSIP: 3137G0VB2<br>LEI: 549300D2VO9JVX6KU482 | Long             | ABS-MBS          | CORP              | US        |    525061 | PA      | $636142.49    | 0.41%             | 2043-05-25      | Floating      | 16.21%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137F9Y54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     63592 | PA      | $11768.63     | 0.01%             | 2050-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382NP76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    244175 | PA      | $2247.29      | 0.00%             | 2051-02-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382NZZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    193241 | PA      | $21550.46     | 0.01%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM9 Trust                                                            | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-MBS          | CORP              | US        |    954740 | PA      | $960776.69    | 0.62%             | 2064-01-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382L2B6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89961 | PA      | $10247.15     | 0.01%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus              | CSAIL 2018-C14 Commercial Mortgage Trust                                       | CUSIP: 12596GBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $338495.51    | 0.22%             | 2051-11-15      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XKKS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22247 | PA      | $21745.35     | 0.01%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382MCH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    125652 | PA      | $17668.61     | 0.01%             | 2050-12-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383GFG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1083161 | PA      | $129589.67    | 0.08%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2018-B6 Mortgage Trust                                               | CUSIP: 08162CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605000 | PA      | $439142.28    | 0.29%             | 2051-10-10      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                           | Magnetite 50 Ltd                                                               | CUSIP: 55956MAA7<br>LEI: 529900LA8YF5OY74OD31 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300032.40    | 0.19%             | 2038-07-25      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                                   | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $524530.00    | 0.34%             | 2041-12-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2019-B9 Mortgage Trust                                               | CUSIP: 08160JAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $261412.62    | 0.17%             | 2052-03-15      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                              | Apidos CLO LI Ltd                                                              | CUSIP: 03771JAE9<br>LEI: 254900K0UHSUBZXUMR56 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250201.75    | 0.16%             | 2038-01-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2004-AR8 Trust                  | CUSIP: 92922FTJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     82729 | PA      | $81880.05     | 0.05%             | 2044-06-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Structured Asset Investment Lo              | Structured Asset Investment Loan Trust 2004-8                                  | CUSIP: 86358ELQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101337 | PA      | $97856.49     | 0.06%             | 2034-09-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Iss              | New Economy Assets - Phase 1 Sponsor LLC                                       | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $409631.93    | 0.27%             | 2061-10-20      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                             | Zayo Issuer LLC                                                                | CUSIP: 98919WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    470000 | PA      | $474642.66    | 0.31%             | 2055-03-20      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BL3H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    633209 | PA      | $71116.25     | 0.05%             | 2052-02-25      | Floating      | 1.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    423269 | PA      | $414744.73    | 0.27%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-SBT1                                  | CUSIP: 20753VBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    715000 | PA      | $758793.75    | 0.49%             | 2040-02-25      | Floating      | 11.21%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DSS52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64465 | PA      | $64447.98     | 0.04%             | 2054-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-2                                     | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $657329.50    | 0.43%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137H67L3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60870 | PA      | $6525.94      | 0.00%             | 2048-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382UF55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    362132 | PA      | $275140.37    | 0.18%             | 2051-06-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA1                                        | CUSIP: 35564KBD0<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $607913.95    | 0.39%             | 2051-01-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C              | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-A             | CUSIP: 16678RDC8<br>LEI: 549300VJ603C97L1MC67 | Long             | ABS-MBS          | CORP              | US        |     25339 | PA      | $23967.47     | 0.02%             | 2036-01-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Secu              | WP Glimcher Mall Trust 2015-WPG                                                | CUSIP: 92939VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $416245.50    | 0.27%             | 2035-06-05      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA4                                        | CUSIP: 35564KPP8<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    713000 | PA      | $754601.05    | 0.49%             | 2041-12-25      | Floating      | 11.35%                | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382UVH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    157586 | PA      | $18989.29     | 0.01%             | 2051-06-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2025-S1                                                 | CUSIP: 81749TAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $323409.25    | 0.21%             | 2054-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA6                                        | CUSIP: 35564KLV9<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    145000 | PA      | $154000.37    | 0.10%             | 2041-10-25      | Floating      | 11.85%                | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2012-CCRE3 Mortgage Trust                                                 | CUSIP: 12624PAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $457505.00    | 0.30%             | 2045-10-15      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                          | CUSIP: 3128MJ4R8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11716 | PA      | $11011.61     | 0.01%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                     | Flagstar Mortgage Trust 2021-9INV                                              | CUSIP: 33851MAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1071117 | PA      | $948238.20    | 0.62%             | 2041-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur              | Bridgecrest Lending Auto Securitization Trust 2024-1                           | CUSIP: 107933AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251297.53    | 0.16%             | 2029-04-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3133KNLB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    202001 | PA      | $167546.93    | 0.11%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LL              | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                | CUSIP: 209031AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $408006.92    | 0.27%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382PMU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    626723 | PA      | $103202.59    | 0.07%             | 2051-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2019-8                                                | CUSIP: 46591KAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11848 | PA      | $11222.60     | 0.01%             | 2050-03-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWF73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1035835 | PA      | $1053505.48   | 0.68%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BHWC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    822844 | PA      | $115663.54    | 0.08%             | 2051-03-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | Comm 2014-UBS2 Mortgage Trust                                                  | CUSIP: 12591UAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203388 | PA      | $142733.38    | 0.09%             | 2047-03-10      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                             | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    858075 | PA      | $750265.76    | 0.49%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2021-4                                              | CUSIP: 33845AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31217 | PA      | $30860.90     | 0.02%             | 2027-12-15      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137FU6G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    141682 | PA      | $17995.52     | 0.01%             | 2050-07-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| Stifel SBA IO Trust                         | Stifel SBA IO Trust Series 2024-1                                              | CUSIP: 86063NAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4091613 | PA      | $144485.10    | 0.09%             | 2050-06-25      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-5                                     | CUSIP: 30167FAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    735000 | PA      | $772975.76    | 0.50%             | 2030-04-15      | Fixed         | 10.45%                | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                | CUSIP: 466317AS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    458851 | PA      | $421005.38    | 0.27%             | 2037-04-15      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DUT49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    739057 | PA      | $738623.26    | 0.48%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38384A3B7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    721420 | PA      | $106209.78    | 0.07%             | 2050-09-20      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Tru              | First Investors Auto Owner Trust 2023-1                                        | CUSIP: 320986AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $299488.92    | 0.19%             | 2031-01-15      | Fixed         | 7.74%                 | No            |                  2 | On Loan: No      |
| Great Lakes CLO Ltd                         | Great Lakes CLO 2019-1 Ltd                                                     | CUSIP: 390578AT9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $340351.90    | 0.22%             | 2037-04-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                             | Fannie Mae Interest Strip                                                      | CUSIP: 31424U8A7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1339357 | PA      | $294128.46    | 0.19%             | 2053-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2020-BNK25                                                                | CUSIP: 06539WAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    395000 | PA      | $302506.60    | 0.20%             | 2063-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                   | CIM Trust 2021-J3                                                              | CUSIP: 12565VBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115392 | PA      | $92620.84     | 0.06%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2017-C38                                 | CUSIP: 95001MAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $294592.45    | 0.19%             | 2050-07-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-B                               | CUSIP: 02007G4H3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    572521 | PA      | $568811.95    | 0.37%             | 2032-09-15      | Fixed         | 11.39%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWBP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    732424 | PA      | $576448.79    | 0.37%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382DM30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80552 | PA      | $9884.84      | 0.01%             | 2050-03-20      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383CFR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4783644 | PA      | $68628.54     | 0.04%             | 2051-10-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-BRBK                                         | CUSIP: 05613NAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345000 | PA      | $346286.44    | 0.22%             | 2041-10-15      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| Ginniemae Strip                             | Ginnie Mae Strip                                                               | CUSIP: 37610VAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | CORP              | US        |     16657 | PA      | $14331.30     | 0.01%             | 2034-07-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                  | ROCK Trust 2024-CNTR                                                           | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    790000 | PA      | $831001.24    | 0.54%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE              | Multifamily Connecticut Avenue Securities Trust 2020-01                        | CUSIP: 62548QAF8<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |    115000 | PA      | $119109.24    | 0.08%             | 2050-03-25      | Floating      | 11.96%                | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Mortgage Trust 2024-C24                                                  | CUSIP: 07336VAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $72246.96     | 0.05%             | 2057-02-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                  | Progress Residential 2025-SFR3 Trust                                           | CUSIP: 74334BAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $316473.13    | 0.21%             | 2042-07-17      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381MUH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2332314 | PA      | $117934.40    | 0.08%             | 2066-03-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DUQT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1237895 | PA      | $1232349.57   | 0.80%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur              | Bridgecrest Lending Auto Securitization Trust 2024-1                           | CUSIP: 107933AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $791232.78    | 0.51%             | 2029-11-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2019-HRP1                                  | CUSIP: 20754PAD2<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $323484.00    | 0.21%             | 2039-11-25      | Floating      | 13.71%                | No            |                  2 | On Loan: No      |
| LSTAR Commercial Mortgage Trus              | LSTAR Commercial Mortgage Trust 2017-5                                         | CUSIP: 54910TAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $369038.08    | 0.24%             | 2050-03-10      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA1                                        | CUSIP: 35564NCA9<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $389810.73    | 0.25%             | 2044-03-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-HQA3                                        | CUSIP: 35564KE70<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |    705000 | PA      | $758357.64    | 0.49%             | 2042-08-25      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418EPC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1464695 | PA      | $1430438.65   | 0.93%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities               | Fortress Credit Opportunities XXI CLO LLC                                      | CUSIP: 34964UAN6<br>LEI: 254900WDNXJI5BDB6170 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300590.40    | 0.20%             | 2037-01-21      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC                 | Ares Direct Lending CLO 3 LLC                                                  | CUSIP: 039945AB6<br>LEI: 254900TU6Z546P794928 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250143.25    | 0.16%             | 2037-01-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                             | CUSIP: 3128HVP78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34005 | PA      | $29991.78     | 0.02%             | 2036-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137F6XW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     78362 | PA      | $62929.88     | 0.04%             | 2049-03-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132E0MH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    277829 | PA      | $283072.85    | 0.18%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                     | CF Hippolyta Issuer LLC                                                        | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422742 | PA      | $325366.26    | 0.21%             | 2060-07-15      | Fixed         | 2.28%                 | 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        |   1446967 | PA      | $1241799.92   | 0.81%             | 2064-11-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2018-2                                               | CUSIP: 89175VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1216969 | PA      | $516894.53    | 0.34%             | 2058-03-25      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383XSW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     58750 | PA      | $51947.21     | 0.03%             | 2053-04-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3133KG6R4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     33454 | PA      | $32496.48     | 0.02%             | 2049-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382LZ87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1024219 | PA      | $121818.21    | 0.08%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382UVG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128077 | PA      | $16947.01     | 0.01%             | 2051-06-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                                   | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195000 | PA      | $203258.76    | 0.13%             | 2041-12-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 31334XTG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13785 | PA      | $11950.65     | 0.01%             | 2049-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XKAD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48246 | PA      | $48334.62     | 0.03%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI3          | CUSIP: 3137G1DF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    697534 | PA      | $537670.51    | 0.35%             | 2048-08-25      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383FAC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  19076481 | PA      | $57624.33     | 0.04%             | 2051-12-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust              | Long Beach Mortgage Loan Trust 2004-3                                          | CUSIP: 542514GM0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101636 | PA      | $100264.55    | 0.07%             | 2034-07-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2019-C51                                 | CUSIP: 95001VAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    116000 | PA      | $105562.30    | 0.07%             | 2052-06-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140X83H8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22379 | PA      | $20074.55     | 0.01%             | 2050-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381HGG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42542 | PA      | $20074.92     | 0.01%             | 2061-09-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137FWMZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    912605 | PA      | $22109.31     | 0.01%             | 2050-10-25      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381KAF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    265000 | PA      | $192214.57    | 0.12%             | 2064-08-16      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                   | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22                    | CUSIP: 61690FAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $106979.40    | 0.07%             | 2048-04-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382RR75<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83183 | PA      | $14252.35     | 0.01%             | 2051-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2019-INV2 Trust                                                            | CUSIP: 67112VAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32903 | PA      | $30603.32     | 0.02%             | 2049-05-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381JZC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1911908 | PA      | $137567.12    | 0.09%             | 2065-07-16      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust                                                       | CUSIP: 46593VAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    473276 | PA      | $472246.28    | 0.31%             | 2055-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                 | Texas Debt Capital CLO 2024-II Ltd                                             | CUSIP: 88238EAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250621.75    | 0.16%             | 2037-01-24      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                     | CF Hippolyta Issuer LLC                                                        | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    454223 | PA      | $389612.73    | 0.25%             | 2060-07-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                  | Progress Residential 2025-SFR4 Trust                                           | CUSIP: 74290JAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $432960.00    | 0.28%             | 2042-08-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2016-NXS5                                | CUSIP: 95000CBJ1<br>LEI: 549300SGFUCMB43V8P22 | Long             | ABS-MBS          | CORP              | US        |    469000 | PA      | $428853.69    | 0.28%             | 2059-01-15      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-4                                                | CUSIP: 46652VBT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    953353 | PA      | $765819.81    | 0.50%             | 2051-08-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1247607 | PA      | $979504.25    | 0.64%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2002-AR17 Trust                 | CUSIP: 929227XB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21882 | PA      | $20891.42     | 0.01%             | 2042-11-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2020-B16 Mortgage Trust                                              | CUSIP: 08161NAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    545000 | PA      | $399063.01    | 0.26%             | 2053-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn3                                                     | CUSIP: 35563GAB5<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |    545000 | PA      | $564084.86    | 0.37%             | 2051-11-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2020-B17 Mortgage Trust                                              | CUSIP: 08162MBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    910000 | PA      | $696613.19    | 0.45%             | 2053-03-15      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2024-CES6                                            | CUSIP: 891947AB9<br>LEI: 25490024AP9UCHO22G82 | Long             | ABS-MBS          | CORP              | US        |    265000 | PA      | $267290.13    | 0.17%             | 2064-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383C3B4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    135628 | PA      | $110713.92    | 0.07%             | 2051-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3133B6BL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     89530 | PA      | $70185.90     | 0.05%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DQXV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38707 | PA      | $38778.42     | 0.03%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2022-1                                              | CUSIP: 46654WCK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    483981 | PA      | $386410.29    | 0.25%             | 2052-07-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38384AQK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    158281 | PA      | $122022.76    | 0.08%             | 2052-07-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Loandepot GMSR Master Trust                 | LOANDEPOT GMSR Master Trust                                                    | CUSIP: 53946TAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $519996.78    | 0.34%             | 2030-07-16      | Floating      | 3.15%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corpor              | Banc of America Funding 2006-I Trust                                           | CUSIP: 05951VAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31382 | PA      | $27848.54     | 0.02%             | 2046-12-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-EDU1 LLC                              | CUSIP: 07336PAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59298 | PA      | $60426.04     | 0.04%             | 2047-06-25      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137HADW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    426739 | PA      | $286556.71    | 0.19%             | 2050-09-25      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382UG62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    384541 | PA      | $340766.13    | 0.22%             | 2051-06-20      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BFES8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    938862 | PA      | $200890.65    | 0.13%             | 2051-03-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136B4XC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51748 | PA      | $5766.00      | 0.00%             | 2049-06-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140HJJS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23169 | PA      | $21741.01     | 0.01%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit              | Bain Capital Credit CLO 2021-6 Ltd                                             | CUSIP: 05684PAU0<br>LEI: 254900YXN9JEMKU5DF45 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249357.50    | 0.16%             | 2034-10-21      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38380REA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2077789 | PA      | $147851.08    | 0.10%             | 2062-12-16      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Aimco                                       | AIMCO CLO Series 2018-A                                                        | CUSIP: 00900GAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300791.40    | 0.20%             | 2037-10-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2021-3                                              | CUSIP: 33846QAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $603149.56    | 0.39%             | 2028-12-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                             | CUSIP: 31325URK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1213557 | PA      | $121939.95    | 0.08%             | 2043-08-15      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                              | Apidos CLO XVIII-R                                                             | CUSIP: 03767NBA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $381759.40    | 0.25%             | 2038-01-22      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2019-01                        | CUSIP: 62547NAC3<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |    435000 | PA      | $441471.71    | 0.29%             | 2049-10-25      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3133KLPT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    997519 | PA      | $855288.39    | 0.56%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd              | Golub Capital Partners CLO 78M                                                 | CUSIP: 381934AC2<br>LEI: 254900PSE4IZIZUH7U62 | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $399320.80    | 0.26%             | 2039-04-21      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| DREYFUS TRSY OBLIG CASH M                   | DREYFUS TRSY OBLIG CASH M                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2483284 | NS      | $2483283.81   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Countrywide Alternative Loan T              | Alternative Loan Trust 2005-IM1                                                | CUSIP: 12668A4B8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130514 | PA      | $118222.58    | 0.08%             | 2036-01-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                             | CUSIP: 3622AC5F3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1280911 | PA      | $1091199.75   | 0.71%             | 2053-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2017-BNK7                                                                 | CUSIP: 06541XAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $393539.78    | 0.26%             | 2060-09-15      | Variable      | 3.98%                 | 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        |    610494 | PA      | $607937.22    | 0.39%             | 2070-03-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                                  | CUSIP: 20755JAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $409106.28    | 0.27%             | 2045-01-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137FYQ58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    501707 | PA      | $80874.27     | 0.05%             | 2051-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                            | Owl Rock CLO XX LLC                                                            | CUSIP: 69122LAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $247420.75    | 0.16%             | 2034-10-24      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383CFZ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     99519 | PA      | $16698.25     | 0.01%             | 2051-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XMMG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53503 | PA      | $54703.80     | 0.04%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO                       | BCC Middle Market CLO 2025-1 LLC                                               | CUSIP: 05555YAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    275000 | PA      | $275618.75    | 0.18%             | 2037-07-17      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWHT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1966542 | PA      | $1960732.30   | 1.27%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU              | SoFi Consumer Loan Program 2025-1 Trust                                        | CUSIP: 83406YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $371892.00    | 0.24%             | 2034-02-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                             | CUSIP: 3133Q3C33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     93059 | PA      | $76154.57     | 0.05%             | 2053-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                          | BX Trust 2019-OC11                                                             | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $465994.10    | 0.30%             | 2041-12-09      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38381HVY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    877707 | PA      | $61581.94     | 0.04%             | 2065-10-16      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38384KHH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    806309 | PA      | $134565.33    | 0.09%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140XQDL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    552804 | PA      | $553639.27    | 0.36%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In              | RALI Series 2005-QO3 Trust                                                     | CUSIP: 761118KU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90204 | PA      | $63823.55     | 0.04%             | 2045-10-25      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                             | Fannie Mae Interest Strip                                                      | CUSIP: 31422MZU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    175834 | PA      | $16729.55     | 0.01%             | 2052-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38379XY20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    607011 | PA      | $146091.14    | 0.09%             | 2044-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2022-BNK39                                                                | CUSIP: 06539VAR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    705000 | PA      | $623465.13    | 0.40%             | 2055-02-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                | Hilton Grand Vacations Trust 2019-A                                            | CUSIP: 43284HAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25488 | PA      | $25107.47     | 0.02%             | 2033-07-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Bank                                        | Bank 2019-BNK19                                                                | CUSIP: 06540WBF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80000 | PA      | $68435.06     | 0.04%             | 2061-08-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418EPD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1581638 | PA      | $1577039.31   | 1.02%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                            | Freddie Mac Strips                                                             | CUSIP: 3128HWPJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49429 | PA      | $40841.45     | 0.03%             | 2037-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382CDW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120241 | PA      | $1292.97      | 0.00%             | 2050-01-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382LBS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    452006 | PA      | $63476.12     | 0.04%             | 2050-11-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                                        | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |    159042 | PA      | $159638.87    | 0.10%             | 2034-01-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2020-VIVA                                         | CUSIP: 12433XAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $90947.57     | 0.06%             | 2044-03-11      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA4                                        | CUSIP: 35564KNS4<br>LEI: 5493000ISE4NWBTOSK36 | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $121751.76    | 0.08%             | 2041-12-25      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| SILVER POINT SCF CLO LTD                    | Silver Point Scf Clo IV Ltd                                                    | CUSIP: 82809JAE9<br>LEI: 549300JT1NOSMVUW1B50 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251667.00    | 0.16%             | 2036-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383XXB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     65107 | PA      | $71269.83     | 0.05%             | 2051-09-20      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                     | Carmax Auto Owner Trust 2024-3                                                 | CUSIP: 14319GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485000 | PA      | $491906.79    | 0.32%             | 2030-03-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       246 | NC      | $174218.22    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382KAZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    138488 | PA      | $20114.42     | 0.01%             | 2050-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2025-01                        | CUSIP: 62549CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $595894.34    | 0.39%             | 2055-05-25      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2020-2PAC                         | CUSIP: 63875DAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425000 | PA      | $357829.60    | 0.23%             | 2037-01-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT              | Golub Capital Partners CLO 76 B Ltd                                            | CUSIP: 38180BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250889.75    | 0.16%             | 2037-10-25      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2016-UBS9                                       | CUSIP: 61766CAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $443752.95    | 0.29%             | 2049-03-15      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                                   | CUSIP: 20754BAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    685000 | PA      | $733648.29    | 0.48%             | 2042-01-25      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132E0PK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     84046 | PA      | $85866.80     | 0.06%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWJN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30821 | PA      | $31815.50     | 0.02%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382GK68<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    230669 | PA      | $27445.75     | 0.02%             | 2049-08-20      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| Gracechurch Mortgage Finance P              | Grace Trust 2020-GRCE                                                          | CUSIP: 38406JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    452000 | PA      | $394902.59    | 0.26%             | 2040-12-10      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NYT Mortgage Trust                          | BF 2019-NYT Mortgage Trust                                                     | CUSIP: 62954PAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465000 | PA      | $419883.24    | 0.27%             | 2035-12-15      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418EP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1538113 | PA      | $1503661.87   | 0.98%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383CYH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1037046 | PA      | $143717.84    | 0.09%             | 2050-11-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2021-APPL                         | CUSIP: 63874AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $96842.80     | 0.06%             | 2038-08-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2017-RPL1 Trust                                                           | CUSIP: 22945AAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    945000 | PA      | $482680.11    | 0.31%             | 2057-07-25      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383RYT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2194388 | PA      | $27035.52     | 0.02%             | 2052-05-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2019-B15 Mortgage Trust                                              | CUSIP: 08160KAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $55694.45     | 0.04%             | 2072-12-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2018-C44                                 | CUSIP: 95001JAC1<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    710000 | PA      | $533100.59    | 0.35%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2129326 | PA      | $1968024.10   | 1.28%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BKHZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    304869 | PA      | $54839.91     | 0.04%             | 2051-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137HAFC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    431640 | PA      | $279301.27    | 0.18%             | 2050-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                                   | CUSIP: 20754XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501853.30    | 0.33%             | 2044-07-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383LBB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    319514 | PA      | $33949.86     | 0.02%             | 2050-02-20      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru              | Provident Funding Mortgage Trust 2021-INV1                                     | CUSIP: 74387VAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    602180 | PA      | $498612.87    | 0.32%             | 2051-08-25      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3986618 | PA      | $3126561.63   | 2.03%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140W2QC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    875000 | PA      | $750249.87    | 0.49%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382TM27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78553 | PA      | $13743.60     | 0.01%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| General Motors                              | GMF Floorplan Owner Revolving Trust                                            | CUSIP: 361886CW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102579.85    | 0.07%             | 2030-06-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-11                                               | CUSIP: 46654KAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1395447 | PA      | $1125373.88   | 0.73%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Iss              | New Economy Assets - Phase 1 Sponsor LLC                                       | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285000 | PA      | $233771.62    | 0.15%             | 2061-10-20      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2017-4                                               | CUSIP: 89173UAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249771 | PA      | $157672.77    | 0.10%             | 2057-06-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137HHEW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3710642 | PA      | $170904.75    | 0.11%             | 2054-11-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortage-Backed Securities Trust 2020-PJ1                                    | CUSIP: 36258FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    321017 | PA      | $286303.38    | 0.19%             | 2050-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382QAD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1695395 | PA      | $213336.98    | 0.14%             | 2051-03-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2018-B1 Mortgage Trust                                               | CUSIP: 08162PBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    649000 | PA      | $522838.10    | 0.34%             | 2051-01-15      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd              | Golub Capital Partners Clo 49M Ltd                                             | CUSIP: 38181HAE3<br>LEI: 254900NUVOJAHAT10W61 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400043.20    | 0.26%             | 2038-07-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWHA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    909932 | PA      | $924186.09    | 0.60%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132E0W57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    126187 | PA      | $128489.18    | 0.08%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Mortgage Finance Trust Series 2005-S3                                    | CUSIP: 16162WNQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48179 | PA      | $33922.41     | 0.02%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Regatta 30 Funding Ltd.                     | Regatta 30 Funding Ltd                                                         | CUSIP: 75903UAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300810.00    | 0.20%             | 2038-01-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2022-J1 Trust                                                              | CUSIP: 67116WAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83581 | PA      | $66913.99     | 0.04%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR3                                              | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $542179.25    | 0.35%             | 2047-09-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                 | OCP CLO 2017-14 Ltd                                                            | CUSIP: 67097QAN5<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250498.25    | 0.16%             | 2037-07-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2021-3                                              | CUSIP: 33846QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    514000 | PA      | $495695.84    | 0.32%             | 2027-09-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382PS29<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    175988 | PA      | $19599.59     | 0.01%             | 2048-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38380RHQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    237920 | PA      | $14050.37     | 0.01%             | 2062-06-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136B7L58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    182758 | PA      | $158754.84    | 0.10%             | 2050-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2024-1                                              | CUSIP: 33843VAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345000 | PA      | $349917.66    | 0.23%             | 2030-02-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418D4Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2749619 | PA      | $2261211.69   | 1.47%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418ESJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    709751 | PA      | $705014.18    | 0.46%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                      | CHL Mortgage Pass-Through Trust 2005-9                                         | CUSIP: 12669GYY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67511 | PA      | $58969.28     | 0.04%             | 2035-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                                       | CUSIP: 05377RJY1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $500936.39    | 0.33%             | 2030-02-20      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2024-3                                              | CUSIP: 505709AG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    565000 | PA      | $568866.41    | 0.37%             | 2032-02-17      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R03                                   | CUSIP: 20753XAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $612384.96    | 0.40%             | 2042-03-25      | Floating      | 14.20%                | No            |                  2 | On Loan: No      |
| BMO 2022-C1 Mortgage Trust                  | BMO 2022-C1 Mortgage Trust                                                     | CUSIP: 05609MCJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $498683.35    | 0.32%             | 2055-02-17      | Variable      | 3.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DSQK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3625251 | PA      | $2841693.26   | 1.85%             | 2052-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418E5P1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1698011 | PA      | $1690535.98   | 1.10%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                         | BWAY 2013-1515 Mortgage Trust                                                  | CUSIP: 05604FAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285000 | PA      | $259919.57    | 0.17%             | 2033-03-10      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2021-2                                              | CUSIP: 33844WAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $394106.80    | 0.26%             | 2028-09-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                   | CIM Trust 2021-J2                                                              | CUSIP: 12564ECM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1553199 | PA      | $19840.87     | 0.01%             | 2051-04-25      | Variable      | 0.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140M2SF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99836 | PA      | $85624.14     | 0.06%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Agate Bay Mortgage Loan Trust               | Agate Bay Mortgage Trust 2015-5                                                | CUSIP: 00842BAV9<br>LEI: 549300RM62GNIVQ1WJ04 | Long             | ABS-MBS          | CORP              | US        |     33521 | PA      | $27112.12     | 0.02%             | 2045-07-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2024-2                                              | CUSIP: 505920AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430000 | PA      | $447492.06    | 0.29%             | 2031-10-15      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Tru              | IndyMac INDX Mortgage Loan Trust 2005-AR12                                     | CUSIP: 45660LMG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71601 | PA      | $65615.37     | 0.04%             | 2035-07-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382LQD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63483 | PA      | $7878.23      | 0.01%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 31418FKZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    330159 | PA      | $331114.13    | 0.22%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                                   | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65000 | PA      | $66524.11     | 0.04%             | 2044-02-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn9                                                     | CUSIP: 355917AC9<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGSE             | US        |    405000 | PA      | $418175.42    | 0.27%             | 2044-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2021-NQM2                                                                 | CUSIP: 12662EAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420568 | PA      | $376199.86    | 0.24%             | 2066-02-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136ARD62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125284 | PA      | $10372.12     | 0.01%             | 2046-04-25      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2022-CSMO                                         | CUSIP: 05610MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101125.00    | 0.07%             | 2027-06-15      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -14 | NC      | $-6532.47     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank                                        | BANK 2017-BNK4                                                                 | CUSIP: 06541FBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $79177.33     | 0.05%             | 2050-05-15      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2023-2                                                  | CUSIP: 81744KCE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425373 | PA      | $394379.06    | 0.26%             | 2053-03-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383F6G3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1101559 | PA      | $13571.32     | 0.01%             | 2052-06-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                             | CUSIP: 3137HAYG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    110272 | PA      | $91139.10     | 0.06%             | 2053-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Lo              | Banc of America Alternative Loan Trust 2005-11                                 | CUSIP: 05948KU80<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39626 | PA      | $35801.13     | 0.02%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136BFHM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82542 | PA      | $74377.26     | 0.05%             | 2050-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-12                                               | CUSIP: 46592WAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1133852 | PA      | $914067.13    | 0.59%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382MV97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    857670 | PA      | $143549.82    | 0.09%             | 2051-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                               | CUSIP: 3132DWCB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    760913 | PA      | $597571.71    | 0.39%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382QAM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2399734 | PA      | $310620.38    | 0.20%             | 2051-03-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                | AGL CLO 17 Ltd                                                                 | CUSIP: 00120DAL0<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400157.20    | 0.26%             | 2035-01-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382XTS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    449021 | PA      | $364293.12    | 0.24%             | 2051-08-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                              | CUSIP: 3136ATEN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61630 | PA      | $6343.93      | 0.00%             | 2046-06-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur              | Bridgecrest Lending Auto Securitization Trust 2025-2                           | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $394625.13    | 0.26%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        47 | NC      | $6015.18      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank Credit Card Issuance               | Citibank Credit Card Issuance Trust                                            | CUSIP: 17305EGS8<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $297189.60    | 0.19%             | 2030-10-13      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                | AGL CLO 32 Ltd                                                                 | CUSIP: 00121BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250652.50    | 0.16%             | 2037-07-21      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                            | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                                        | CUSIP: 403956AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99875.24     | 0.06%             | 2037-05-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                  | Flagship Credit Auto Trust 2022-1                                              | CUSIP: 33845VAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $325077.80    | 0.21%             | 2028-03-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2019-1                                               | CUSIP: 89177BAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    815000 | PA      | $620653.88    | 0.40%             | 2058-03-25      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2024-INV1                                             | CUSIP: 46658PAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    628058 | PA      | $632272.96    | 0.41%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM8                                      | CUSIP: 10571DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    276459 | PA      | $269293.78    | 0.17%             | 2053-08-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas              | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 Trust | CUSIP: 93934FCQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31347 | PA      | $29719.57     | 0.02%             | 2035-10-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38383GSL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    240696 | PA      | $197412.87    | 0.13%             | 2052-01-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382KWJ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    132277 | PA      | $18388.21     | 0.01%             | 2050-10-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                        | Signal Peak CLO 12 Ltd                                                         | CUSIP: 82671XAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250882.75    | 0.16%             | 2037-07-18      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382JXP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    161085 | PA      | $2281.02      | 0.00%             | 2050-09-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2015-GC30                                         | CUSIP: 36250GAX3<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |    615000 | PA      | $445868.85    | 0.29%             | 2050-05-10      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In              | RALI Series 2007-QO3 Trust                                                     | CUSIP: 74923TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83953 | PA      | $77441.62     | 0.05%             | 2047-03-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                | CUSIP: 3140W1WA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    400186 | PA      | $406362.29    | 0.26%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382WBD8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1011129 | PA      | $135965.03    | 0.09%             | 2051-07-20      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                         | DT Auto Owner Trust 2021-2                                                     | CUSIP: 23345EAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1296182.42   | 0.84%             | 2028-07-17      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                       | CUSIP: 38382ML56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     68264 | PA      | $10366.50     | 0.01%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** New York Life Investments Active ETF Trust

**Signature:** Adefolahan Oyefeso

**Name of Signer:** Adefolahan Oyefeso

**Title:** Director and Vice President, IndexIQ