# EDGAR Filing Document

**Accession Number:** 0001791032
**File Stem:** 0001049169-25-000384
**Filing Date:** 2025-9
**Character Count:** 302368
**Document Hash:** a214ed991a98bcdec24827ac140445d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000384.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001049169-25-000384

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23483
- **FILM NUMBER:** 251357093

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

AXONIC STRATEGIC INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCKS (0.01%)** |  |  |
| **United States (0.01%)** |  |  |
| **Financials (0.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 44220 | $241441 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $521,155)** |  | **241441** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Rate** | **Shares** | **Value** |
| **PREFERRED STOCKS (0.23%)** |  |  |  |
| **United States (0.23%)** |  |  |  |
| **Financials (0.23%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp., Series D<sup>(a)</sup> | 7.88% | 83247 | 1842256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Trust, Series F | 6.25% | 99092 | 2130478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp., Series D<sup>(a)(b)</sup> | 7.00% | 78637 | 1925034 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc., Series C<sup>(a)</sup> | 6.25% | 120705 | 2169069 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $9,531,100)** |  |  | **8066837** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (19.41%)** | **ASSET-BACKED SECURITIES (19.41%)** | **ASSET-BACKED SECURITIES (19.41%)** | **ASSET-BACKED SECURITIES (19.41%)** | **ASSET-BACKED SECURITIES (19.41%)** |
| **Bermuda (0.24%)** | **Bermuda (0.24%)** | **Bermuda (0.24%)** | **Bermuda (0.24%)** | **Bermuda (0.24%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Start, Ltd., Series 2018-1, Class C<sup>(c)</sup> | 6.90% | 05/15/43 | $8498134 | $8437798 |
| **Cayman Islands (1.97%)** | **Cayman Islands (1.97%)** | **Cayman Islands (1.97%)** | **Cayman Islands (1.97%)** | **Cayman Islands (1.97%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIM Aviation Finance, Ltd., Series 2015-1A, Class A1<sup>(c)(d)</sup> | 6.21% | 02/15/40 | 19834099 | 19054618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Falcon Aerospace, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.79% | 09/15/26 | 866398 | 833908 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAIA Aviation, Ltd., Series 2019-1, Class B<sup>(c)(d)</sup> | 5.19% | 12/15/26 | 13426043 | 12682240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance II, Ltd., Series 2019-1, Class A<sup>(c)</sup> | 3.72% | 07/15/26 | 648331 | 629400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance III, Ltd., Series 2019-2, Class A<sup>(c)</sup> | 3.43% | 11/15/26 | 3576050 | 3407976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navigator Aviation, Ltd., Series 2024-1, Class B<sup>(c)</sup> | 6.09% | 08/15/31 | 1869048 | 1885495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class A<sup>(c)</sup> | 3.97% | 06/15/26 | 9522775 | 9349461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 06/15/26 | 1656250 | 1581884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class C<sup>(c)</sup> | 6.90% | 06/15/26 | 1659995 | 1559732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class A<sup>(c)</sup> | 3.97% | 07/15/26 | 154715 | 150460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 07/15/26 | 6973548 | 6171590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenton Aircraft Investment I, Ltd., Series 2015-1A, Class A<sup>(c)</sup> | 4.75% | 11/15/27 | 4187715 | 4075065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thunderbolt III Aircraft Lease, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.75% | 11/15/26 | 8639803 | 7279034 |
| **Ireland (0.13%)** | **Ireland (0.13%)** | **Ireland (0.13%)** | **Ireland (0.13%)** | **Ireland (0.13%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class C<sup>(c)</sup> | 5.68% | 09/15/28 | 4797903 | 4500433 |
| **United States (17.07%)** | **United States (17.07%)** | **United States (17.07%)** | **United States (17.07%)** | **United States (17.07%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Achieve Personal Loan Master Pass-Through Trust Series 2023-PT1, Series 2023-1, Class PT<sup>(b)(c)</sup> | 83.18% | 09/15/53 | 346574 | 201117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X1, Class D<sup>(c)</sup> | 7.29% | 05/15/29 | 1500000 | 1505850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avant Credit Card Master Trust, Series 2024-1A, Class C<sup>(c)</sup> | 6.23% | 10/16/27 | 2000000 | 1991400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avant Credit Card Master Trust, Series 2024-1A, Class D<sup>(c)</sup> | 8.80% | 10/16/27 | 5000000 | 5025500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-1 LLC, Series 2024-1A, Class B<sup>(c)</sup> | 6.92% | 05/15/30 | 8344380 | 8533797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-1 LLC, Series 2024-1A, Class C<sup>(c)</sup> | 9.13% | 05/15/30 | 1399481 | 1418933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-2 LLC, Series 2024-2A, Class B<sup>(c)</sup> | 5.75% | 09/15/30 | 6741571 | 6664717 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Jet Securities 2024-2 LLC, Series 2024-2A, Class C<sup>(c)</sup> | 7.97% | 09/15/30 | $2317724 | $2306831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Securitization Trust, Series 2018-1, Class B<sup>(c)</sup> | 5.30% | 06/15/43 | 4334216 | 4007849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust 2017-1R, Series 2021-1R, Class A<sup>(c)</sup> | 2.74% | 04/15/27 | 1095748 | 1060575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2017-1R, Class C<sup>(c)</sup> | 6.50% | 08/15/41 | 15942087 | 14990345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2019-1A, Class A<sup>(c)</sup> | 3.97% | 04/15/26 | 6242866 | 5965683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2019-1A, Class B<sup>(c)</sup> | 5.10% | 04/15/26 | 2422091 | 2166803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust 2025-2, Series 2025-2A, Class B<sup>(c)</sup> | 6.30% | 08/15/32 | 7194000 | 7170260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chase Auto Credit Linked Notes, Series 2025-1, Class G<sup>(c)</sup> | 10.42% | 04/25/29 | 1117246 | 1151098 |
| &nbsp;&nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables , Series 2024-1, Class C<sup>(c)</sup> | 8.40% | 02/15/27 | 7060000 | 7174372 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2023-A, Class E<sup>(c)</sup> | 10.59% | 02/16/27 | 5000000 | 5456000 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1, Class B2<sup>(c)</sup> | 8.00% | 07/25/51 | 1930000 | 1830219 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2022-1A, Class A2<sup>(c)</sup> | 7.00% | 07/25/26 | 2400000 | 2324880 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class A2<sup>(c)(d)</sup> | 7.00% | 07/25/51 | 23570880 | 22250911 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class B2<sup>(c)(d)</sup> | 8.00% | 07/25/51 | 8808000 | 8101598 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAT Brands Royalty LLC, Series 2021-1A, Class A2<sup>(c)</sup> | 5.75% | 07/25/26 | 3840000 | 3510144 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE4, Class D<sup>(b)(c)</sup> | 5.92% | 09/25/54 | 2000000 | 1980971 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE4, Class E<sup>(b)(c)</sup> | 6.81% | 09/25/54 | 1000000 | 977848 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class B<sup>(b)(c)</sup> | 5.71% | 05/25/55 | 2868421 | 2861464 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class C<sup>(b)(c)</sup> | 5.91% | 05/25/55 | 1673245 | 1669096 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class A<sup>(b)(c)</sup> | 5.41% | 07/25/55 | 4910938 | 4899349 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class C<sup>(b)(c)</sup> | 5.71% | 07/25/55 | 3437657 | 3416138 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class C<sup>(b)(c)</sup> | 6.11% | 06/25/55 | 3708898 | 3695902 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class A<sup>(b)(c)</sup> | 5.76% | 06/25/55 | 4688873 | 4672776 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class B<sup>(b)(c)</sup> | 5.91% | 06/25/55 | 2813324 | 2806230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-3, Class E<sup>(c)</sup> | 7.95% | 10/15/29 | 1000000 | 605600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexential Issuer 2021-1, Series 2021-1A, Class B<sup>(c)</sup> | 3.72% | 11/25/26 | 7934000 | 7648376 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-4FP, Class D<sup>(c)</sup> | 7.40% | 12/18/29 | 4168151 | 4185241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LP, Series 2021-2A, Class D<sup>(c)</sup> | 4.34% | 12/25/26 | 5000000 | 4818000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Aircraft Finance I, Ltd., Series 2018-1, Class A<sup>(c)</sup> | 4.46% | 12/15/25 | 2456484 | 2386965 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Asset Securitization Corp. Trust, Series 2007-NC1, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 04/25/37 | 4262458 | 2765475 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Bank NA - Chase Auto Credit Linked Notes, Series 2021-2, Class G<sup>(c)</sup> | 8.48% | 12/26/28 | 1111777 | 1112222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lendingpoint Asset Securitization Trust, Series 2021-B, Class D<sup>(c)</sup> | 6.12% | 02/15/29 | 3000000 | 718800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Libertas Asset Securitization LLC, Series 2025-1A, Class B<sup>(c)</sup> | 6.54% | 07/15/28 | 2000000 | 2002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Libertas Asset Securitization LLC, Series 2025-1A, Class A<sup>(c)</sup> | 6.34% | 07/15/28 | 2500000 | 2503000 |
| &nbsp;&nbsp;&nbsp;&nbsp;MAPS 2021-1 Trust, Series 2021-1A, Class C<sup>(c)</sup> | 5.44% | 06/15/28 | 90130 | 87913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust 2024-1, Series 2024-1A, Class C<sup>(c)</sup> | 6.34% | 10/15/27 | 5300000 | 5350350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust 2024-1, Series 2024-1A, Class D<sup>(c)</sup> | 6.93% | 10/15/28 | 3750000 | 3835500 |
| &nbsp;&nbsp;&nbsp;&nbsp;ME Funding LLC, Series 2024-1A, Class A2<sup>(c)</sup> | 8.10% | 04/30/27 | 10925404 | 11065249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust, Series 2024-6, Class C<sup>(c)</sup> | 7.07% | 06/15/26 | 7055986 | 7120901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class C<sup>(c)</sup> | 6.03% | 01/15/32 | 2687478 | 2685865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class D<sup>(c)</sup> | 6.53% | 01/15/32 | 13582564 | 13638252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2024-7, Class C<sup>(c)</sup> | 7.10% | 12/15/31 | 11049814 | 11160313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5, Class D<sup>(c)</sup> | 9.00% | 04/15/31 | 19999831 | 20061830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-6, Class ABC<sup>(b)(c)</sup> | 8.49% | 06/16/31 | 1658268 | 1666559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-6, Class D<sup>(c)</sup> | 9.00% | 06/16/31 | 19994872 | 20148832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B<sup>(c)</sup> | 7.11% | 07/15/31 | 3585838 | 3606278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class ABC<sup>(b)(c)</sup> | 7.28% | 07/15/31 | 4398755 | 4411071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class ABC<sup>(b)(c)</sup> | 6.76% | 08/15/31 | $1900287 | $1907128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class C<sup>(c)</sup> | 7.57% | 08/15/31 | 8617043 | 8704936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class C<sup>(c)</sup> | 7.30% | 03/15/26 | 17027600 | 17138279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-4, Class D<sup>(c)</sup> | 6.57% | 01/17/33 | 3500000 | 3507000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-4, Class B<sup>(c)</sup> | 5.69% | 01/17/33 | 10000000 | 10056000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-4, Class C<sup>(c)</sup> | 6.15% | 01/17/33 | 4500000 | 4514400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya Ai Debt Trust, Series 2025-R1, Class B<sup>(c)</sup> | 5.71% | 06/15/32 | 4250000 | 4263175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Point Securitization Trust, Series 2025-1, Class A1<sup>(c)</sup> | 6.25% | 05/25/28 | 10889953 | 10816384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosper Marketplace Issuance Trust Series 2024-1, Series 2024-1A, Class C<sup>(c)</sup> | 6.96% | 10/15/26 | 9525000 | 9567862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class A1<sup>(b)(c)</sup> | 3.50% | 02/25/52 | 3641630 | 3583808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Consumer Auto Receivables Trust, Series 2021-AA, Class F<sup>(c)</sup> | 5.79% | 08/15/28 | 1370000 | 1372466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sapphire Aviation Finance II, Ltd., Series 2020-1A, Class C<sup>(c)</sup> | 6.78% | 03/15/27 | 2922485 | 2730186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soundview Home Loan Trust, Series 2007-OPT4, Class 1A1<sup>(b)</sup> | 1M CME TERM SOFR + 1.11% | 09/25/37 | 5462640 | 4027657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprite, Ltd., Series 2021-1, Class B<sup>(c)</sup> | 5.10% | 10/15/28 | 1281366 | 1208713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellar Jay Ireland DAC, Series 2021-1, Class A<sup>(c)</sup> | 3.97% | 03/15/28 | 1895560 | 1837745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellar Jay Ireland DAC, Series 2021-1, Class B<sup>(c)</sup> | 5.93% | 03/15/28 | 1886474 | 1639346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak 2021-1 ABS, Series 2021-1A, Class AA<sup>(c)</sup> | 2.30% | 12/15/27 | 1209648 | 1161021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonepeak 2021-1 ABS, Series 2021-1A, Class C<sup>(c)</sup> | 5.93% | 05/15/28 | 8798808 | 8205769 |
| &nbsp;&nbsp;&nbsp;&nbsp;TGIF Funding LLC, Series 2017-1A, Class A2<sup>(c)</sup> | 6.20% | 04/30/47 | 4817489 | 4110282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Theorem Funding Trust 2022-3, Series 2022-3A, Class A<sup>(c)</sup> | 7.60% | 04/15/29 | 72264 | 72372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twin Hospitality I LLC, Series 2024-1A, Class B2<sup>(c)</sup> | 10.00% | 10/25/27 | 6435000 | 5873224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twin Hospitality I LLC, Series 2024-1A, Class A2I<sup>(c)</sup> | 9.00% | 10/25/27 | 1196321 | 1205294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twin Hospitality I LLC, Series 2024-1A, Class A2II<sup>(c)</sup> | 9.00% | 10/25/27 | 26135625 | 25607685 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust, Series 2025-1, Class D<sup>(c)</sup> | 5.96% | 01/10/28 | 8500000 | 8528050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unlock HEA Trust, Series 2025-1, Class A<sup>(c)</sup> | 6.75% | 04/25/33 | 9000000 | 8935525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upstart Securitization Trust 2021-2, Series 2021-2 C, Class C<sup>(c)</sup> | 3.61% | 06/20/31 | 882873 | 879165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Point Securitization Trust, Series 2024-CES2, Class M1<sup>(b)(c)</sup> | 6.36% | 09/25/28 | 1506000 | 1499080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Engine Structured Trust IV, Series 2018-A, Class B<sup>(c)(d)</sup> | 5.44% | 09/15/26 | 2298137 | 2289633 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA, Series 2024-NPL1, Class A1<sup>(d)</sup> | 6.33% | 09/25/27 | 5452114 | 5440820 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2024-NPL4, Class A1<sup>(c)(d)</sup> | 7.00% | 07/25/27 | 6370071 | 6373382 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2024-NPL5, Class A1<sup>(c)(d)</sup> | 5.96% | 09/25/27 | 22137170 | 22197291 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2024-NPL6, Class A1<sup>(c)(d)</sup> | 5.93% | 10/25/27 | 9038996 | 9053769 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL1, Class A1<sup>(c)(d)</sup> | 6.06% | 02/25/28 | 8881649 | 8928389 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL4, Class A1<sup>(c)(d)</sup> | 6.37% | 04/25/55 | 16436551 | 16472835 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL5, Class A1<sup>(c)(d)</sup> | 6.24% | 05/25/28 | 19872150 | 19902324 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL6, Class A1<sup>(c)(d)</sup> | 5.74% | 06/25/28 | 19700421 | 19673681 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL7, Class A1<sup>(c)(d)</sup> | 5.66% | 07/25/28 | 15000000 | 14996811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL8, Class A1 | 5.73% | 07/25/28 | 20000000 | 19999992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL8, Class A2 | 7.99% | 07/25/28 | 4500000 | 4499961 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAMP, Series 2007-RS1, Class A4<sup>(b)</sup> | 1M CME TERM SOFR + 0.67% | 02/25/37 | 32244743 | 7570685 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCO VIII Mortgage LLC, Series 2025-3, Class A1<sup>(c)(d)</sup> | 6.43% | 05/25/28 | 2262961 | 2262250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2025-NPL1, Series 2024-NPL1, Class A1<sup>(c)(d)</sup> | 7.12% | 01/25/30 | 7130971 | 7136899 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1<sup>(c)(d)</sup> | 7.77% | 04/25/28 | $| 1072989 | $| 1068307 |
| **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** |
| **(Cost $681,185,554)** |  |  |  |  |  | **677792323** |
| **BANK LOANS (0.78%)** | **BANK LOANS (0.78%)** | **BANK LOANS (0.78%)** | **BANK LOANS (0.78%)** | **BANK LOANS (0.78%)** | **BANK LOANS (0.78%)** | **BANK LOANS (0.78%)** |
| **United States (0.78%)** | **United States (0.78%)** | **United States (0.78%)** | **United States (0.78%)** | **United States (0.78%)** | **United States (0.78%)** | **United States (0.78%)** |
| **Financials (0.04%)** | **Financials (0.04%)** | **Financials (0.04%)** | **Financials (0.04%)** | **Financials (0.04%)** | **Financials (0.04%)** | **Financials (0.04%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSLRTLAX | 10.00% | 06/01/26 |  | 593344 |  | 593098 |
| &nbsp;&nbsp;&nbsp;&nbsp;UTEX-DEFEASED<sup>(e)</sup> | 6.48% | 12/31/49 |  | 825467 |  | 823898 |
| **Mortgage Securities (0.74%)** | **Mortgage Securities (0.74%)** | **Mortgage Securities (0.74%)** | **Mortgage Securities (0.74%)** | **Mortgage Securities (0.74%)** | **Mortgage Securities (0.74%)** | **Mortgage Securities (0.74%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper Hill Sportsmans RT | 4.25% | 02/01/27 |  | 6855252 |  | 6730087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tower Bellflower LLC | 9.44% | 02/01/26 |  | 19050000 |  | 19057620 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |
| **(Cost $25,218,139)** |  |  |  |  |  | **27204703** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.75%)** |
| **United States (26.75%)** | **United States (26.75%)** | **United States (26.75%)** | **United States (26.75%)** | **United States (26.75%)** | **United States (26.75%)** | **United States (26.75%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1345T, Series 2025-AOA, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.00% | 06/15/27 |  | 3250000 |  | 3270150 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAHA Trust, Series 2024-MAR, Class X<sup>(b)(c)(f)</sup> | 0.36% | 12/10/29 |  | 284500000 |  | 2987250 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust, Series 2022-DKLX, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.13% | 01/15/39 |  | 6815399 |  | 6762239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of America Re-Remic Trust, Series 2023-FRR1, Class D<sup>(c)</sup> | 0.00% | 02/27/32 |  | 9155000 |  | 5584550 |
| &nbsp;&nbsp;&nbsp;&nbsp;BANK 2019-BNK17, Series 2019-BN17, Class E<sup>(c)</sup> | 3.00% | 04/15/29 |  | 1849000 |  | 1479570 |
| &nbsp;&nbsp;&nbsp;&nbsp;BANK, Series 2022-BNK41, Class D<sup>(c)</sup> | 2.50% | 04/15/32 |  | 1500000 |  | 1061550 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2018-TALL, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.32% | 03/15/37 |  | 3312000 |  | 3013920 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2018-TALL, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.44% | 03/15/37 |  | 4760000 |  | 3898440 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2020-BID, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.74% | 10/15/25 |  | 9800000 |  | 9802940 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2020-BID, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.75% | 10/15/25 |  | 7490000 |  | 7495243 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2020-BID, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 10/15/25 |  | 9516000 |  | 9526468 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2023-5C23, Class E<sup>(b)(c)</sup> | 7.46% | 11/15/28 |  | 4079000 |  | 3830589 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2025-5C34, Class C<sup>(b)</sup> | 6.81% | 05/15/30 |  | 1750000 |  | 1776600 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2025-5C34, Class D<sup>(c)</sup> | 4.25% | 05/15/30 |  | 2000000 |  | 1768200 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.61% | 06/15/38 |  | 2389270 |  | 1618969 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.64% | 06/15/38 |  | 15300000 |  | 6188850 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.63% | 06/15/38 |  | 8500000 |  | 1646450 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.31% | 06/15/38 |  | 4200000 |  | 3668280 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.71% | 06/15/38 |  | 4089000 |  | 3390190 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCRR, Series 2016-FRR3, Class E<sup>(b)(c)</sup> | 30D US SOFR + 18.46% | 05/26/26 |  | 24057599 |  | 23817023 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCB<sup>(b)(c)</sup> | 6.98% | 01/15/30 | $25109991 | $25280739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCD<sup>(b)(c)</sup> | 8.89% | 01/15/30 | 5042000 | 5184689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCC<sup>(b)(c)</sup> | 7.84% | 01/15/30 | 8000000 | 8155200 |
| &nbsp;&nbsp;&nbsp;&nbsp;BMD2 Re-Remic Trust, Series 2019-FRR1, Class 5C<sup>(c)</sup> | 0.00% | 05/25/52 | 6619500 | 4934175 |
| &nbsp;&nbsp;&nbsp;&nbsp;BMD2 Re-Remic Trust, Series 2019-FRR1, Class 3C<sup>(c)</sup> | 0.00% | 05/25/52 | 12585000 | 10101979 |
| &nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2025-5C10, Class C<sup>(b)</sup> | 6.49% | 05/15/30 | 1750000 | 1790250 |
| &nbsp;&nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2025-5C10, Class D<sup>(c)</sup> | 4.50% | 05/15/58 | 2000000 | 1769600 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-KING, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.49% | 05/15/26 | 4935031 | 4936512 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-KING, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.69% | 05/15/26 | 4851136 | 4852591 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-MF, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.69% | 02/15/26 | 88545 | 89077 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.76% | 11/15/36 | 17430475 | 17433961 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2022-IND, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.99% | 04/15/27 | 10500000 | 10539900 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2023-DELC, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.39% | 05/15/38 | 3000000 | 3027600 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2023-DELC, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.34% | 05/15/38 | 8345000 | 8405918 |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2023-DELC, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.29% | 05/15/38 | 6000000 | 6058800 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP Trust, Series 2021-601L, Class D<sup>(b)(c)</sup> | 2.78% | 01/15/32 | 1699000 | 1342210 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.33% | 03/15/27 | 5100000 | 5125500 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.13% | 03/15/27 | 35445000 | 35615136 |
| &nbsp;&nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 03/15/27 | 11550000 | 11583495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cali 2024-Sun, Series 2024-SUN, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.63% | 07/15/26 | 8900000 | 8923140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending, Series 2019-CF1, Class 65D<sup>(b)(c)</sup> | 4.66% | 05/15/52 | 4600000 | 270480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending, Series 2019-CF2, Class SWD<sup>(c)</sup> | 4.52% | 09/15/29 | 4988052 | 4407443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2021-FRR1, Class CK58<sup>(c)</sup> | 0.00% | 09/29/29 | 24870000 | 22373052 |
| &nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2020-3, Class A1<sup>(b)(c)</sup> | 1.51% | 04/27/65 | 1486025 | 1456516 |
| &nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2019-GC44, Class 180A<sup>(b)(c)</sup> | 3.40% | 08/15/57 | 9155000 | 8932533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage Lease-Backed Certificates Series-1, Series 2001-CMLB, Class J<sup>(b)(c)</sup> | 6.25% | 06/20/31 | 31665 | 31415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Countrywide Alternative Loan, Series 2007-17CB, Class A6 | 5.01% | 08/25/37 | 6510943 | 2764937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Commercial Mortgage Trust 2020-FACT E | 9.63% | 10/15/25 | 1745000 | 1679562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates, Series 2020-FACT, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 6.16% | 10/15/25 | 11340000 | 10329606 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSMC, Series 2020-FACT, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.96% | 10/15/25 | 5000000 | 4913500 |
| &nbsp;&nbsp;&nbsp;&nbsp;DC Trust, Series 2024-HLTN, Class D<sup>(b)(c)</sup> | 7.71% | 04/13/28 | 2439000 | 2441927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2021-ESH, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.96% | 07/15/26 | 18183828 | 18271110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2021-ESH, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.81% | 07/15/26 | 42028659 | 42129528 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn1, Series 2021-MN1, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 3.75% | 01/25/51 | $2000000 | $2071000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn7, Series 2023-MN7, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 5.70% | 04/25/33 | 2300000 | 2504470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn8, Series 2024-MN8, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 4.25% | 06/25/33 | 2300000 | 2426040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn8, Series 2024-MN8, Class M1<sup>(b)(c)</sup> | 30D US SOFR + 2.85% | 05/25/29 | 10896756 | 11036234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 3.25% | 10/25/44 | 2500000 | 2513250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2023-153, Class X3<sup>(b)(f)</sup> | 4.68% | 01/25/33 | 19488345 | 5226774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2023-154, Class X3<sup>(b)(f)</sup> | 5.10% | 01/25/33 | 11437000 | 3364766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2022-151, Class X3<sup>(b)(f)</sup> | 4.38% | 11/25/32 | 6840000 | 1687428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2024-162, Class X3<sup>(b)(f)</sup> | 5.89% | 01/25/34 | 8700000 | 3240750 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-K156, Class C<sup>(c)</sup> | 0.00% | 07/25/33 | 6449682 | 3375764 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KF49, Class C<sup>(b)(c)</sup> | 30D US SOFR + 6.11% | 03/25/26 | 10351506 | 10321486 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-KL05, Class CP<sup>(b)(c)</sup> | 3.96% | 06/25/29 | 28878000 | 24638710 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2019-SB66, Class X1<sup>(b)(f)</sup> | 0.83% | 07/25/29 | 27107958 | 688491 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB74, Class X1<sup>(b)(f)</sup> | 1.11% | 03/25/30 | 19798429 | 588013 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB79, Class X1<sup>(b)(f)</sup> | 1.21% | 07/25/40 | 14156422 | 539667 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB80, Class X1<sup>(b)(f)</sup> | 1.08% | 09/25/30 | 50606302 | 2280295 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB81, Class X1<sup>(b)(f)</sup> | 1.02% | 10/25/30 | 17758420 | 675497 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB82, Class X1<sup>(b)(f)</sup> | 1.00% | 10/25/40 | 39663642 | 910991 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB83, Class X1<sup>(b)(f)</sup> | 0.86% | 01/25/41 | 26931226 | 714612 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB84, Class X1<sup>(b)(f)</sup> | 0.47% | 01/25/31 | 24978302 | 557016 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2022-SB95, Class X1<sup>(b)(f)</sup> | 0.10% | 11/25/31 | 109608871 | 1334806 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Commercial Mortgage Trust, Series 2023-4SZN, Class E<sup>(b)(c)</sup> | 10.42% | 11/10/27 | 15740000 | 16366452 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Trust, Series 2024-HULA, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.94% | 08/15/26 | 4400000 | 4406160 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Trust, Series 2024-HULA, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.44% | 08/15/26 | 5000000 | 5006500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2018-16, Class IO<sup>(b)(f)</sup> | 0.59% | 03/16/59 | 67721170 | 2478595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Wolf Trust, Series 2024-WOLF, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.89% | 03/15/29 | 7600000 | 7625840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Wolf Trust, Series 2024-WOLF, Class E | 6.12% | 03/15/29 | 24100000 | 24191580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.64% | 07/15/27 | 4700000 | 4711280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.74% | 07/15/27 | 10000000 | 10025000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.12% | 07/15/27 | 8000000 | 8019200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2016-HHV, Class E<sup>(b)(c)</sup> | 4.19% | 11/05/26 | 6500000 | 6341400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2016-HHV, Class F<sup>(b)(c)</sup> | 4.19% | 11/05/26 | 10000000 | 9635000 |
| &nbsp;&nbsp;&nbsp;&nbsp;HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.34% | 06/15/26 | 16000000 | 16059200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.54% | 06/15/26 | $2076000 | $2078906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7<sup>(c)</sup> | 3.91% | 08/05/34 | 2382707 | 2361739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class B10<sup>(c)</sup> | 4.91% | 08/05/34 | 4250000 | 4245325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB7, Class B7<sup>(c)</sup> | 4.67% | 08/05/34 | 3000000 | 2937900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class A10<sup>(c)</sup> | 4.15% | 08/05/34 | 2764207 | 2761719 |
| &nbsp;&nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.44% | 09/15/26 | 12900000 | 12894840 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.85% | 03/15/27 | 25000000 | 24880000 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.85% | 03/15/27 | 11000000 | 10947200 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 03/15/27 | 6400000 | 6369280 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Series 2007-LD12, Class AJ<sup>(b)</sup> | 6.35% | 02/15/51 | 2809411 | 2794802 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.11% | 04/15/27 | 15620473 | 15406473 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.17% | 04/15/27 | 6414157 | 6275611 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2025-BHR5, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.54% | 03/15/30 | 3800000 | 3798860 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMCC Multifamily Housing Mortgage Loan Trust, Series 2025-Q032, Class C<sup>(b)(c)</sup> | 6.50% | 10/25/29 | 9360656 | 9196845 |
| &nbsp;&nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, Series 2024-MRCO, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 06/15/26 | 10000000 | 9958000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, Series 2024-LGND, Class E<sup>(c)(d)</sup> | 8.76% | 11/05/27 | 9140000 | 9189356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, Series 2024-LGND, Class D<sup>(c)(d)</sup> | 7.79% | 11/05/27 | 5401000 | 5430705 |
| &nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class E<sup>(c)</sup> | 8.73% | 06/12/27 | 25000000 | 25170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust, Series 2024-Q025, Class B<sup>(b)</sup> | 30D US SOFR + 3.85% | 12/25/30 | 16232000 | 16300174 |
| &nbsp;&nbsp;&nbsp;&nbsp;MILE Trust, Series 2025-STNE, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.50% | 07/15/27 | 7000000 | 7011900 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRCD 2019-MARK Mortgage Trust, Series 2019-PARK, Class G<sup>(c)</sup> | 2.72% | 12/15/36 | 8944000 | 4976243 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTN Commercial Mortgage Trust, Series 2022-LPFL, Class F<sup>(b)(c)</sup> | 1M US SOFR + 5.29% | 03/15/27 | 5000000 | 4984500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities, Series 2019-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.36% | 10/25/49 | 1660901 | 1685980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities, Series 2020-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.86% | 03/25/50 | 12785643 | 13119348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2023-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 6.50% | 02/25/32 | 5000000 | 5624000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2024-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.85% | 07/25/54 | 1400000 | 1474760 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGA Trust, Series 2024-RSR2, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.39% | 06/15/26 | 4910000 | 4910000 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;PGA Trust, Series 2024-RSR2, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.49% | 06/15/26 | $| 2000000 | $| 1999800 |
| &nbsp;&nbsp;&nbsp;&nbsp;RFM Reremic Trust, Series 2022-FRR1, Class CK55<sup>(c)</sup> | 0.00% | 03/28/49 |  | 15460000 |  | 14594240 |
| &nbsp;&nbsp;&nbsp;&nbsp;SB Multifamily Repack Trust, Series 2020-FRR1, Class A<sup>(c)</sup> | 5.60% | 05/27/26 |  | 9291490 |  | 9200434 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class C<sup>(b)(c)</sup> | 4.39% | 01/05/35 |  | 8133239 |  | 6652176 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class D<sup>(b)(c)</sup> | 4.39% | 01/05/35 |  | 8100000 |  | 6343920 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B<sup>(b)(c)</sup> | 4.14% | 01/05/35 |  | 14945000 |  | 12963293 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2A<sup>(b)(c)</sup> | 3.66% | 01/05/35 |  | 3195000 |  | 2711277 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1<sup>(b)(c)</sup> | 3.87% | 01/05/35 |  | 6497500 |  | 5509230 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class B<sup>(b)(c)</sup> | 4.39% | 01/05/35 |  | 4991000 |  | 4201424 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class F<sup>(c)</sup> | 2.85% | 07/15/31 |  | 9500000 |  | 7603800 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.95% | 02/15/39 |  | 6713745 |  | 6730529 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.95% | 02/15/39 |  | 5075617 |  | 5075617 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.00% | 02/15/39 |  | 10347152 |  | 10347152 |
| &nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class F<sup>(b)(c)</sup> | 7.19% | 12/10/26 |  | 9158000 |  | 8846628 |
| &nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class C<sup>(b)(c)</sup> | 8.53% | 12/10/26 |  | 4844448 |  | 4927773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5<sup>(b)(c)</sup> | 4.93% | 03/25/27 |  | 208017 |  | 167502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6<sup>(b)(c)</sup> | 6.79% | 10/29/29 |  | 1033164 |  | 830954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-1, Class M6<sup>(b)(c)</sup> | 5.03% | 03/25/31 |  | 1655964 |  | 1017232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-3, Class M6<sup>(b)(c)</sup> | 5.03% | 11/25/31 |  | 576875 |  | 439747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-1, Class M5<sup>(b)(c)</sup> | 5.82% | 06/25/32 |  | 3297365 |  | 2329592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-1, Class M6<sup>(b)(c)</sup> | 5.82% | 08/25/33 |  | 1232061 |  | 810714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-2, Class M5<sup>(b)(c)</sup> | 5.73% | 04/25/52 |  | 3045738 |  | 2440245 |
| &nbsp;&nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, Series 2024-HQ, Class C<sup>(b)(c)</sup> | 6.90% | 03/15/28 |  | 8500000 |  | 8483000 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |
| **(Cost $969,758,937)** |  |  |  |  |  | **934312564** |
| **CONVERTIBLE CORPORATE BONDS (0.74%)** | **CONVERTIBLE CORPORATE BONDS (0.74%)** | **CONVERTIBLE CORPORATE BONDS (0.74%)** | **CONVERTIBLE CORPORATE BONDS (0.74%)** | **CONVERTIBLE CORPORATE BONDS (0.74%)** | **CONVERTIBLE CORPORATE BONDS (0.74%)** | **CONVERTIBLE CORPORATE BONDS (0.74%)** |
| **United States (0.74%)** | **United States (0.74%)** | **United States (0.74%)** | **United States (0.74%)** | **United States (0.74%)** | **United States (0.74%)** | **United States (0.74%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corp. | 5.50% | 03/15/26 |  | 10682000 |  | 10642476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Corp. | 8.50% | 06/01/29 |  | 3000000 |  | 3064605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 7.75% | 06/15/27 |  | 1000000 |  | 1002500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RWT Holdings, Inc. | 5.75% | 10/01/25 |  | 11300000 |  | 11300000 |
| **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** | **TOTAL CONVERTIBLE CORPORATE BONDS** |
| **(Cost $25,646,944)** |  |  |  |  |  | **26009581** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (0.13%)** | **CORPORATE BONDS (0.13%)** | **CORPORATE BONDS (0.13%)** | **CORPORATE BONDS (0.13%)** | **CORPORATE BONDS (0.13%)** |
| **United States (0.13%)** | **United States (0.13%)** | **United States (0.13%)** | **United States (0.13%)** | **United States (0.13%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;GKN Subordinated CTL Pass-Through Trust/Auburn MI<sup>(b)(c)</sup> | 0.00% | 03/15/30 | $7076849 | $**4495214** |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| **(Cost $5,115,497)** |  |  |  | 4495214 |
| **GOVERNMENT BOND (10.82%)** | **GOVERNMENT BOND (10.82%)** | **GOVERNMENT BOND (10.82%)** | **GOVERNMENT BOND (10.82%)** | **GOVERNMENT BOND (10.82%)** |
| **United States (10.82%)** | **United States (10.82%)** | **United States (10.82%)** | **United States (10.82%)** | **United States (10.82%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.88% | 08/15/34 | 250000000 | 241894525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.25% | 05/15/35 | 34000000 | 33699845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.63% | 02/15/35 | 100000000 | 102167970 |
| **TOTAL GOVERNMENT BOND** | **TOTAL GOVERNMENT BOND** | **TOTAL GOVERNMENT BOND** | **TOTAL GOVERNMENT BOND** | **TOTAL GOVERNMENT BOND** |
| **(Cost $383,415,598)** |  |  |  | **377762340** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (34.43%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (34.43%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (34.43%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (34.43%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (34.43%)** |
| **United States (34.43%)** | **United States (34.43%)** | **United States (34.43%)** | **United States (34.43%)** | **United States (34.43%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM4, Class A3<sup>(c)(d)</sup> | 8.10% | 10/25/27 | 1783160 | 1812716 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM5, Class B1<sup>(b)(c)</sup> | 8.12% | 11/25/68 | 3000000 | 3002406 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM1, Class B1<sup>(b)(c)</sup> | 8.50% | 02/25/69 | 3017000 | 3037860 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class A3<sup>(c)(d)</sup> | 5.82% | 08/25/69 | 4831692 | 4815047 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class M1<sup>(b)(c)</sup> | 5.93% | 08/25/69 | 6800000 | 6759598 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class B1B<sup>(b)(c)</sup> | 8.03% | 08/25/69 | 2572667 | 2553996 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM2, Class A1<sup>(b)(c)</sup> | 5.79% | 05/25/29 | 9758127 | 9790951 |
| &nbsp;&nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM2, Class A2<sup>(c)(d)</sup> | 5.94% | 05/25/29 | 1951625 | 1954907 |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMT, Series 2024-NQM6, Class A3<sup>(c)(d)</sup> | 6.07% | 01/25/70 | 3485501 | 3490171 |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMT, Series 2024-NQM6, Class M1<sup>(b)(c)</sup> | 6.57% | 01/25/70 | 5000000 | 5039688 |
| &nbsp;&nbsp;&nbsp;&nbsp;AlphaFlow Transitional Mortgage Trust, Series 2021-WL1, Class A2<sup>(c)(d)</sup> | 5.61% | 01/25/26 | 190559 | 7282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-18CB, Class A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.58% | 07/25/36 | 8898701 | 3486351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-18CB, Class A7<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 07/25/36 | 23556897 | 9035208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-24CB, Class A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 08/25/36 | 5030329 | 2154069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-24CB, Class A19<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 08/25/36 | 2321205 | 977194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-2CB, Class A4<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 03/25/36 | 3649428 | 1233992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-42, Class 1A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 01/25/47 | 6159794 | 2684876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-6CB, Class 2A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 05/25/36 | 9909856 | 2851005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2007-2CB, Class 1A12<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 03/25/37 | 1542041 | 641261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2007-5CB, Class 1A19<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 04/25/37 | 12566007 | 5100715 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Home Mortgage Investment Trust, Series 2006-3, Class 3A2<sup>(d)</sup> | 6.75% | 12/25/36 | 7620262 | 2376690 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Home Mortgage Investment Trust, Series 2007-1, Class GA1C<sup>(b)</sup> | 1M CME TERM SOFR + 0.30% | 05/25/47 | 14234944 | 8457939 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.36% | 05/25/40 | $3400000 | $3397110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 7.96% | 05/25/40 | 1500000 | 1497687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 5.72% | 05/25/40 | 4000000 | 3993061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2020-R1, Class A1<sup>(b)(c)</sup> | 0.99% | 04/25/53 | 1464117 | 1382156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of America Funding 2006 8T2 Trust, Series 2006-8T2, Class A6<sup>(d)</sup> | 6.55% | 10/25/36 | 1437335 | 1261483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of America Funding, Series 2015-R2, Class 9A2<sup>(b)(c)</sup> | 1.63% | 07/27/27 | 9801858 | 9007206 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCAP LLC-I Trust, Series 2010-RR5, Class 2A10<sup>(b)(c)</sup> | 6.10% | 04/26/37 | 8475381 | 4272378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2006-AR3, Class 1A2A<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 10/25/36 | 301165 | 282180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2006-AR3, Class 1A2G<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 10/25/36 | 2407217 | 2255468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR2, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 03/25/37 | 5655796 | 5135608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class G2AB<sup>(b)</sup> | 1M CME TERM SOFR + 0.35% | 04/25/37 | 4982562 | 4535634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR5, Class 1A2G<sup>(b)</sup> | 1M CME TERM SOFR + 0.55% | 06/25/37 | 726845 | 611887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR5, Class 2A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.34% | 06/25/37 | 1819840 | 1590926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Lending Trust, Series 2022-1, Class M2<sup>(b)(c)</sup> | 2.75% | 02/25/27 | 2750594 | 2364411 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1<sup>(b)(c)</sup> | 0.94% | 02/25/49 | 2050041 | 1915475 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM1, Class A3<sup>(b)(c)</sup> | 1.33% | 02/25/49 | 654020 | 611374 |
| &nbsp;&nbsp;&nbsp;&nbsp;CAFL Issuer LP, Series 2025-RRTL1, Class A1<sup>(c)(d)</sup> | 5.68% | 11/30/27 | 20950000 | 20977005 |
| &nbsp;&nbsp;&nbsp;&nbsp;CAFL Issuer LP, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.32% | 11/30/27 | 6000000 | 6003134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 8.34% | 05/25/27 | 10526000 | 10597263 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHL Mortgage Pass-Through Trust, Series 2007-4, Class 1A51<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 05/25/37 | 2215697 | 756723 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2022-1, Class A1<sup>(b)(c)</sup> | 3.01% | 01/25/67 | 13352521 | 12557524 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-2, Class A1<sup>(c)(d)</sup> | 6.53% | 05/25/27 | 822080 | 824037 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-3, Class A1<sup>(c)(d)</sup> | 7.10% | 06/25/27 | 3298498 | 3321683 |
| &nbsp;&nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-4, Class A1<sup>(c)(d)</sup> | 7.57% | 09/25/58 | 4946017 | 5010125 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2025-NR1, Class A1<sup>(c)(d)</sup> | 5.00% | 06/25/64 | 20475197 | 19837186 |
| &nbsp;&nbsp;&nbsp;&nbsp;CitiMortgage Alternative Loan Trust, Series 2007-A2, Class 1A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 02/25/37 | 1179208 | 1015154 |
| &nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Pass-Through Certificates, Series 2021-1R, Class A3<sup>(b)(c)</sup> | 1.42% | 05/25/65 | 2409471 | 2131569 |
| &nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2025-5, Class A2<sup>(c)(d)</sup> | 5.79% | 05/25/70 | 1576150 | 1575245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cribs Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 5.81% | 10/25/27 | 8350000 | 8407076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cribs Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.44% | 10/25/27 | 5850000 | 5859672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2024-H6, Class B1A<sup>(b)(c)</sup> | 6.64% | 09/25/69 | 1079000 | 1070743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2020-2, Class A3<sup>(c)</sup> | 2.86% | 05/25/65 | 505479 | 502295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-1, Class A3<sup>(b)(c)</sup> | 1.13% | 05/25/65 | 1479650 | 1409014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2021-RTL1, Class A1<sup>(c)(d)</sup> | 3.49% | 07/25/27 | 18759664 | 18493076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2021-RTL1, Class M<sup>(c)(d)</sup> | 5.73% | 07/25/27 | 3500000 | 3346619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.02% | 09/25/27 | 4000000 | 4062680 |
| &nbsp;&nbsp;&nbsp;&nbsp;DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A<sup>(b)</sup> | 1M CME TERM SOFR + 0.31% | 10/19/36 | 19057035 | 12837118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Easy Street Mortgage Loan Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 6.46% | 05/25/40 | 17500000 | 17494949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL1, Class A2<sup>(b)(c)</sup> | 6.22% | 02/27/40 | 1750000 | 1751191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL2, Class A1<sup>(b)(c)</sup> | 5.57% | 07/25/40 | 25000000 | 24973805 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL2, Class A2<sup>(b)(c)</sup> | 6.06% | 07/25/40 | $2250000 | $2247741 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCAT, Series 2021-NQM4, Class A1<sup>(b)(c)</sup> | 1.09% | 08/25/66 | 532204 | 442408 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2021-NQM1, Class B2<sup>(b)(c)</sup> | 4.21% | 07/25/61 | 1000000 | 828673 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1<sup>(b)(c)</sup> | 5.65% | 06/25/65 | 11693456 | 11713894 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A3<sup>(b)(c)</sup> | 5.90% | 06/25/65 | 10759928 | 10757516 |
| &nbsp;&nbsp;&nbsp;&nbsp;HarborView Mortgage Loan Trust, Series 2006-4, Class 1A2A<sup>(b)</sup> | 1M CME TERM SOFR + 0.49% | 05/19/46 | 15011559 | 7843301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 5.85% | 02/25/27 | 6100000 | 6078993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Series 2025-RRTL1, Class M1<sup>(b)(c)</sup> | 6.83% | 02/25/27 | 4000000 | 3943967 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICAP, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 6.47% | 01/25/28 | 13000000 | 12994981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2020-NQM1, Class A1<sup>(b)(c)</sup> | 1.38% | 10/25/55 | 3954479 | 3681214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2023-NQM1, Class B1<sup>(b)(c)</sup> | 8.06% | 02/25/68 | 4500000 | 4492097 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2025-5MPR, Class A1D<sup>(c)(d)</sup> | 5.50% | 11/25/55 | 18931035 | 18889705 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2025-VIS1, Class B1<sup>(b)(c)</sup> | 7.06% | 02/25/29 | 4955000 | 4938275 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2025-NQM2, Class A3<sup>(c)(d)</sup> | 5.92% | 09/25/65 | 10768885 | 10785783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-7, Class 3A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 11/25/36 | 34332747 | 4028797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-9, Class 1A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 01/25/37 | 1615172 | 858185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2007-2, Class 2A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.42% | 02/25/37 | 24989437 | 4548567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman XS Trust, Series 2007-6, Class 3A31<sup>(d)</sup> | 4.21% | 05/25/37 | 3079314 | 2815562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lehman XS Trust, Series 2007-6, Class 3A32<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 05/25/37 | 6531343 | 6043408 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL1, Class A1<sup>(c)(d)</sup> | 7.87% | 01/25/28 | 11566442 | 11579300 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL2, Class A1<sup>(c)(d)</sup> | 8.00% | 06/25/28 | 15000000 | 15034314 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL3, Class A2<sup>(c)(d)</sup> | 9.00% | 08/25/28 | 3000000 | 3008043 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL3, Class A1<sup>(c)(d)</sup> | 8.00% | 08/25/28 | 22500000 | 22594873 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL4, Class A1<sup>(c)(d)</sup> | 7.63% | 06/25/26 | 13750000 | 13849162 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A1<sup>(c)(d)</sup> | 7.02% | 01/25/29 | 15190000 | 15268909 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 9.17% | 01/25/29 | 6000000 | 6047123 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1<sup>(c)(d)</sup> | 7.13% | 10/25/26 | 18306000 | 18450634 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A2<sup>(c)(d)</sup> | 8.90% | 10/25/26 | 4100000 | 4135291 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class M<sup>(c)(d)</sup> | 10.73% | 12/25/26 | 1250000 | 1262780 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A2<sup>(c)(d)</sup> | 8.37% | 12/25/26 | 10500000 | 10575902 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A1<sup>(c)(d)</sup> | 6.90% | 12/25/26 | 10636000 | 10732781 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL4, Class M1<sup>(b)(c)</sup> | 7.79% | 01/25/27 | 12000000 | 12048025 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL5, Class M1<sup>(b)(c)</sup> | 6.82% | 09/25/39 | 9400000 | 9327899 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL5, Class M2<sup>(b)(c)</sup> | 8.18% | 09/25/39 | 6900000 | 6801403 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL1, Class M2<sup>(b)(c)</sup> | 8.38% | 01/25/40 | 3750000 | 3704236 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 5.95% | 01/25/40 | 5000000 | 4982564 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 7.02% | 01/25/40 | 6000000 | 5957333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lhome Mortgage Trust 2025-Rtl2, Series 2025-RTL2, Class A1<sup>(b)(c)</sup> | 5.61% | 04/25/40 | 5000000 | 5010662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lhome Mortgage Trust 2025-Rtl2, Series 2025-RTL2, Class A2<sup>(b)(c)</sup> | 6.10% | 04/25/40 | 4400000 | 4394357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1, Class 1A10<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 05/25/37 | 16059940 | 2511476 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA, Series 2023-RTL2, Class A1<sup>(c)(d)</sup> | 8.50% | 04/25/26 | 27486000 | 27679007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA, Series 2024-NQM2, Class B1B<sup>(b)(c)</sup> | 7.29% | 08/25/69 | $5448000 | $5405703 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA, Series 2024-RTL3, Class A2<sup>(c)(d)</sup> | 6.54% | 05/25/28 | 4600000 | 4616250 |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA, Series 2025-NQM2, Class A1<sup>(c)(d)</sup> | 5.68% | 05/27/70 | 14457503 | 14480643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC1, Class A2<sup>(c)(d)</sup> | 5.76% | 04/25/29 | 2685007 | 2685731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC1, Class A3<sup>(c)(d)</sup> | 5.97% | 04/25/29 | 2929098 | 2935129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A3<sup>(c)(d)</sup> | 5.85% | 07/25/29 | 10000000 | 9991782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1<sup>(c)(d)</sup> | 5.44% | 07/25/29 | 3000000 | 2997614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A2<sup>(c)(d)</sup> | 5.70% | 07/25/29 | 2100000 | 2098312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5, Class A3<sup>(c)(d)</sup> | 5.90% | 07/25/70 | 14703000 | 14701703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura Resecuritization Trust, Series 2014-8R, Class 1A2<sup>(b)(c)</sup> | 4.86% | 10/26/36 | 2161299 | 2083826 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2024-BPL1, Class A1<sup>(c)(d)</sup> | 7.15% | 07/25/26 | 5000000 | 5013214 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2024-BPL2, Class A1<sup>(c)(d)</sup> | 6.51% | 05/25/39 | 4137000 | 4165147 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2024-BPL2, Class M<sup>(c)</sup> | 8.41% | 05/25/39 | 11250000 | 11367167 |
| &nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2024-BPL3, Class M1<sup>(b)(c)</sup> | 6.90% | 09/25/39 | 8700000 | 8588204 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRKCM, Series 2023-AFC1, Class A3<sup>(c)(d)</sup> | 7.30% | 02/25/27 | 943711 | 945931 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2024-2, Class A1<sup>(c)(d)</sup> | 7.03% | 03/25/27 | 2594283 | 2595683 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2024-4, Class A1<sup>(c)(d)</sup> | 6.41% | 07/25/27 | 10142169 | 10143525 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-2, Class A1<sup>(c)(d)</sup> | 6.47% | 05/25/30 | 6682501 | 6676876 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-3, Class A1<sup>(c)(d)</sup> | 6.26% | 05/25/28 | 24406433 | 24349310 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-5, Class A1<sup>(c)(d)</sup> | 5.93% | 07/25/28 | 15000000 | 14959695 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-5, Class A2<sup>(c)(d)</sup> | 9.07% | 07/25/28 | 2072000 | 2064249 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-6, Class A1<sup>(b)(c)</sup> | 5.77% | 08/25/28 | 20000000 | 19999970 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-6, Class A2<sup>(b)(c)</sup> | 8.33% | 08/25/28 | 4400000 | 4399889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rain City Mortgage Trust, Series 2024-RTL1, Class A1<sup>(b)(c)</sup> | 6.53% | 11/25/29 | 15000000 | 14953451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rain City Mortgage Trust, Series 2024-RTL1, Class A2<sup>(b)(c)</sup> | 8.02% | 11/25/29 | 10000000 | 10034248 |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2006-QS2, Class 1A14<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 02/25/36 | 4613601 | 3568606 |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2006-QS4, Class A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 04/25/36 | 1488046 | 1085889 |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2006-QS8, Class A4<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 08/25/36 | 841745 | 653498 |
| &nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2007-QO5, Class A<sup>(b)</sup> | 12M US FED + 3.12% | 08/25/47 | 9462102 | 1386250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RALI, Series 2007-QS7, Class 2A1 | 6.75% | 06/25/37 | 28114877 | 11338055 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBSSP Resecuritization Trust, Series 2009-7, Class 5A3<sup>(b)(c)</sup> | 1M CME TERM SOFR + 0.51% | 06/26/37 | 2989273 | 2171346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2006-R1, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 01/25/46 | 9849351 | 2861726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A1 | 6.00% | 03/25/37 | 3533608 | 1166581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A3<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 03/25/37 | 30461415 | 7200954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A9 | 5.75% | 03/25/37 | 4622179 | 1523886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Series 2020-1, Class A3<sup>(b)(c)</sup> | 2.68% | 01/26/60 | 177631 | 175514 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Series 2022-1, Class M2<sup>(b)(c)</sup> | 3.00% | 01/25/28 | 5000000 | 4259500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2021-RTL1, Class M<sup>(b)(c)</sup> | 6.68% | 08/25/26 | 6745000 | 6721879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2021-RTL1, Class A1<sup>(b)(c)</sup> | 3.49% | 08/25/26 | 504951 | 502767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 6.06% | 04/25/27 | 4250000 | 4242829 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2024-RTL1, Class M1<sup>(b)(c)</sup> | 7.28% | 04/25/27 | $7000000 | $6948912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.11% | 08/25/27 | 4200000 | 4195441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 6.99% | 08/25/27 | 5000000 | 4921821 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class A1<sup>(c)(d)</sup> | 5.97% | 08/25/28 | 11265976 | 11260475 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class A3<sup>(c)(d)</sup> | 6.33% | 08/25/28 | 745000 | 742383 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class M1<sup>(c)(d)</sup> | 6.73% | 08/25/28 | 3036000 | 3010795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-INV1, Class M1<sup>(b)(c)</sup> | 6.60% | 07/25/28 | 2000000 | 2006902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1<sup>(c)(d)</sup> | 7.50% | 02/25/30 | 28750000 | 28860084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1<sup>(c)(d)</sup> | 7.76% | 04/25/30 | 30500000 | 30929611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A1<sup>(c)(d)</sup> | 7.44% | 12/25/26 | 23389000 | 23621863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A2<sup>(c)(d)</sup> | 8.68% | 12/25/26 | 12250000 | 12365045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A2<sup>(c)(d)</sup> | 5.94% | 02/25/65 | 2882914 | 2891467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM3, Class A3<sup>(c)(d)</sup> | 6.06% | 05/25/65 | 13830680 | 13858706 |
| &nbsp;&nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Series 2019-3, Class A2<sup>(b)(c)</sup> | 2.88% | 09/25/59 | 48907 | 48692 |
| &nbsp;&nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Series 2019-3, Class A3<sup>(b)(c)</sup> | 3.08% | 09/25/59 | 137627 | 137025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3<sup>(b)(c)</sup> | 2.92% | 09/27/49 | 2961105 | 2916924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-2, Class A2<sup>(b)(c)</sup> | 1.17% | 05/25/65 | 585035 | 554315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-2, Class A3<sup>(b)(c)</sup> | 1.43% | 05/25/65 | 713457 | 677282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structured Asset Mortgage Investments II Trust, Series 2007-AR2, Class 1A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.49% | 02/25/37 | 4502768 | 5334865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class M1<sup>(c)(d)</sup> | 12.55% | 02/25/31 | 6000000 | 6041090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class A2<sup>(c)(d)</sup> | 9.60% | 02/25/31 | 7000000 | 7043014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class A1<sup>(c)(d)</sup> | 7.33% | 02/25/31 | 20000000 | 20058040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL1, Class A2<sup>(c)(d)</sup> | 7.57% | 03/25/26 | 6500000 | 6554515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL1, Class M1<sup>(b)(c)</sup> | 9.16% | 03/25/26 | 4000000 | 4030680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class B1<sup>(b)(c)</sup> | 8.18% | 09/25/39 | 2800000 | 2783385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class A2<sup>(c)(d)</sup> | 5.90% | 09/25/39 | 13875000 | 13841398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class M1<sup>(b)(c)</sup> | 7.26% | 09/25/39 | 6000000 | 5963369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.16% | 03/25/27 | 15750000 | 15732678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class M1<sup>(b)(c)</sup> | 6.79% | 03/25/27 | 4000000 | 3933384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class B1<sup>(b)(c)</sup> | 8.34% | 03/25/27 | 3000000 | 3027668 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2024-RRTL1, Class A2<sup>(c)(d)</sup> | 5.96% | 02/25/27 | 2000000 | 1995277 |
| &nbsp;&nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.68% | 04/25/40 | 6797000 | 6840048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 6.80% | 03/25/30 | 17806000 | 17955594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.52% | 03/25/30 | 5863000 | 5950693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A1<sup>(b)(c)</sup> | 0.82% | 10/25/63 | 1012136 | 973388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A2<sup>(b)(c)</sup> | 1.06% | 10/25/63 | 751515 | 722616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A3<sup>(b)(c)</sup> | 1.26% | 10/25/63 | 1799662 | 1731929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class A1<sup>(b)(c)</sup> | 1.02% | 04/25/64 | 16298473 | 15064249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class B2<sup>(b)(c)</sup> | 4.07% | 04/25/64 | 3000000 | 2780351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 6.51% | 03/25/27 | 8000000 | 8019791 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.01% | 03/25/27 | $2000000 | $2031467 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| **(Cost $1,225,294,521)** |  |  |  | **1202551757** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** |<br>**Value** |
| **SHORT TERM INVESTMENTS - COMMON SHARES (5.89%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (5.89%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (5.89%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (5.89%)** |
| **Money Market Fund (5.89%)** | **Money Market Fund (5.89%)** | **Money Market Fund (5.89%)** | **Money Market Fund (5.89%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund | 4.23% | 205766942 | 205766942 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $205,766,942)** |  |  | **205766942** |
| **TOTAL INVESTMENTS (99.19%)** |  |  |  |
| **(Cost $3,531,454,387)** |  |  | $**3464203702** |
| **Other Assets In Excess Of Liabilities (0.81%)** |  |  | 28324007 |
| **NET ASSETS (100.00%)** |  |  | $**3492527709** |

---

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

*<sup>(b)</sup>* *Floating or variable rate security. The Reference Rates are described below. Interest rate shown reflects the rate in effect at July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

*<sup>(c)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. The total value of Rule 144A securities amounts to $2,565,210,578, which represents 73.45% of net assets as of July 31, 2025.*

*<sup>(d)</sup>* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at July 31, 2025.*

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

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

**Investment Abbreviations:**

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

FED - Federal Funds Rate

**Reference Rates:**

1M CME Term SOFR - 1 Month CME SOFR as of July 31, 2025 was 4.35%

12M US FED - 12 Month US FED as of July 31, 2025 was 4.15%

1M US SOFR - 1 Month US SOFR as of July 31, 2025 was 4.34%

30D US SOFR - 30 Day US SOFR as of July 31, 2025 was 4.34%

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating Rate<sup>\*</sup>** | **Clearing House** | **Floating Rate** | **Expiration Date** | **Notional Amount<sup>\*\*</sup>** | **Currency** | **Fixed Rate** | **Fair Value** | **Unrealized <br> Appreciation/<br> (Depreciation)** |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 04/07/2027 | 4000000 | USD | 2.46% | $87574 | $87574 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 05/25/2026 | 20000000 | USD | 0.91% | 561140 | 561140 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 08/01/2035 | 103000000 | USD | 3.60% | 57877 | 57877 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 08/05/2026 | 50000000 | USD | 0.73% | $1776374 | $1776373 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 07/07/2027 | 5000000 | USD | 2.54% | 111169 | 111169 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 08/05/2025 | 2000000 | USD | 2.83% | 439 | 439 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 03/21/2026 | 9000000 | USD | 1.99% | 128621 | 128621 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 02/13/2034 | 26664000 | USD | 3.82% | 123307 | 123307 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 04/19/2026 | 2000000 | USD | 2.50% | 24179 | 24179 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 08/05/2025 | 2000000 | USD | 2.88% | 426 | 426 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 05/13/2026 | 3837000 | USD | 2.69% | 44161 | 44161 |
|  |  |  |  |  |  |  | $2915266 | $2915266 |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 01/22/2034 | 13256000 | USD | 3.74% | $(16750) | $(16750) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 10/11/2034 | 21500000 | USD | 3.60% | (318464) | (318464) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 04/24/2033 | 35542920 | USD | 3.38% | (1014889) | (1014889) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 04/03/2033 | 34745115 | USD | 3.39% | (940438) | (940438) |
|  |  |  |  |  |  |  | $(2290541) | $(2290541) |
|  |  |  |  |  |  |  | $624725 | $624725 |

---

*\** *The swap contracts with the floating 1D US SOFR pay and receive amounts annually, while 1M US SOFR pay amounts semiannually and receive amounts quarterly, and while 3M US SOFR pay amounts monthly and receive amounts semiannually.* 

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

**Axonic Strategic Income Fund**

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

July 31, 2025

**1. ORGANIZATION**

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

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

The Fund's assets may be invested in a wholly-owned and controlled subsidiary of the Fund, Axonic Strategic Loan Funds LLC (the "Subsidiary"). The Subsidiary has the same investment objective as the Fund and is a Delaware limited liability company. To the extent permitted by the 1940 Act, the Fund may make investments through the Subsidiary, which is a pass-through entity.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

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

**Consolidation of Subsidiary** – The consolidated financial statements include the financial position and the results of operations of the Fund and its Subsidiary. As of July 31, 2025, the total value of investments held by the Subsidiary is $823,898, or approximately 0.02% of the Fund's net assets.

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

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

Structured credit and other similar debt securities including, but not limited to, asset-backed securities, collateralized debt obligations, collateralized loan obligations, collateralized mortgage obligations, mortgage-backed securities, commercial mortgage-backed security, and other securitized investments backed by certain debt or other receivables (collectively, "Structured Credit Securities"), are valued on the basis of valuations provided by independent pricing services and /or dealers in those instruments recommended by the Adviser and approved by the Board. Interest Rate Swaps are valued by an independent pricing service as approved by the Board. For centrally cleared swaps, the daily change in valuation and upfront payments, if any, are recorded as a receivable or payable for variation margin on the statement of assets and liabilities. In determining fair value, pricing services and dealers will generally use information with respect to transactions in the securities being valued, quotations from other dealers, market transactions in comparable securities, analyses and evaluations of various relationships between securities, and yield to maturity information. The Adviser will, based on its reasonable judgment, select the pricing service or dealer quotation that most accurately reflects the fair market value of the Structured Credit Security while taking into account the information utilized by the pricing service or dealer to formulate the quotation in addition to any other relevant factors.

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

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

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

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

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

---

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

---

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant Observable Inputs** | **Level 3 - <br> Significant Unobservable Inputs** | **Total** |
| Common Stocks | $241441 | $– | $– | $241441 |
| Preferred Stocks | 8066837 |  |  | 8066837 |
| Asset-Backed Securities |  | 677792323 |  | 677792323 |
| Bank Loans |  | 27204703 |  | 27204703 |
| Commercial Mortgage-Backed Securities |  | 934312564 |  | 934312564 |
| Convertible Corporate Bonds |  | 26009581 |  | 26009581 |
| Corporate Bonds |  | 4495214 |  | 4495214 |
| Government Bonds |  | 377762340 |  | 377762340 |
| Residential Mortgage-Backed Securities |  | 1202551757 |  | 1202551757 |
| Short Term Investments | 205766942 | – | – | 205766942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $214075220 | $3250128482 | $– | $3464203702 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Interest Rate Swap Contracts | $– | $2915266 | $– | $2915266 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Interest Rate Swap Contracts | $– | $(2290541) | $– | $(2290541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $– | $624725 | $– | $624725 |

---

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

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

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

**3. SWAPS**

The Fund may transact in credit default swaps, total return swaps, interest rate swaps, equity swaps, currency swaps and other types of swaps. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as "counterparty risk," regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs.

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

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

The Fund will "cover" its swap positions by segregating an amount of cash and/or liquid securities as required by the 1940 Act and applicable SEC interpretations and guidance from time to time.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2122590430

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

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

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

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

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

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

- **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:** $3536369907.45

**Total Liabilities:** $53460091.46

**Net Assets:** $3482909815.99

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2233.71192400 | **1-Year:** 41364.60103200 | **5-Year:** 41169.82862300 | **10-Year:** 31899.33522500 | **30-Year:** 16143.46400000

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

- **3-Month:** 1177.95048400 | **1-Year:** 24634.45788700 | **5-Year:** 32658.57292300 | **10-Year:** 11887.09377000 | **30-Year:** 2730.06697900

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216960 | 0.33%                | 0.98%                | 0.22%                |
| Class ID C000216959 | -1.91%               | -1.37%               | -2.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1272388.20             | $-2998748.28                               |
| Month 2  | $-847405.66              | $13708351.78                               |
| Month 3  | $-1582613.02             | $-4164438.66                               |

**Designated Index Information**

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

- **Index Identifier:** LF98TRUU

### Schedule of Portfolio Investments

| Name                                                                  | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sapphire Aviation Finance I Limited                                   | Sapphire Aviation Finance II, Ltd.                                          | CUSIP: 80307AAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2922485 | PA      | $2730185.94   | 0.08%             | 2027-03-15      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2020-BID Mortgage Trust                                               | CUSIP: 05493BAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7490000 | PA      | $7495243.00   | 0.22%             | 2025-10-15      | Floating      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  35445000 | PA      | $35615136.00  | 1.02%             | 2027-03-15      | Floating      | 8.48%                 | Yes           |                  2 | On Loan: No      |
| Pga National Resort Commercial Mortgage Trust                         | PGA Trust 2024-RSR2                                                         | CUSIP: 69381CAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4910000 | PA      | $4910000.00   | 0.14%             | 2026-06-15      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2019-SB66 Mortgage Trust                                              | CUSIP: 30312BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27107958 | PA      | $688490.62    | 0.02%             | 2029-07-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance                                              | Horizon Aircraft Finance II, Ltd.                                           | CUSIP: 44040HAA0<br>LEI: 549300KSCDSEIWTVMM32 | Long             | ABS-O            | CORP              | KY        |    648331 | PA      | $629399.65    | 0.02%             | 2026-07-15      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137HBPA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8700000 | PA      | $3240750.00   | 0.09%             | 2034-01-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Copper Hill Sportsmans RT                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6855252 | PA      | $6730086.67   | 0.19%             | 2027-02-01      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 0.9130% 05/25/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $561139.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL4 LLC                                                          | CUSIP: 74136UAA3<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-MBS          | CORP              | US        |  16436551 | PA      | $16472835.18  | 0.47%             | 2055-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25109991 | PA      | $25280738.94  | 0.73%             | 2030-01-15      | Variable      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |  10682000 | PA      | $10642476.60  | 0.31%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12             | CUSIP: 46632HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2809411 | PA      | $2794802.48   | 0.08%             | 2051-02-15      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAC1<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |  15750000 | PA      | $15732678.15  | 0.45%             | 2027-03-25      | Variable      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2024-2 LLC                                                             | CUSIP: 74448BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2594283 | PA      | $2595682.97   | 0.07%             | 2027-03-25      | Variable      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Imperial Fund Llc                                                     | Imperial Fund Mortgage Trust 2020-NQM1                                      | CUSIP: 452760AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3954479 | PA      | $3681213.51   | 0.11%             | 2055-10-25      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust 2024-1                                               | CUSIP: 57108VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3835500.00   | 0.11%             | 2028-10-15      | Fixed         | 6.93%                 | Yes           |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                               | American Home Mortgage Investment Trust 2006-3                              | CUSIP: 026929AM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7620262 | PA      | $2376690.37   | 0.07%             | 2036-12-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2018-KF49 Mortgage Trust                                              | CUSIP: 30307PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  10351506 | PA      | $10321486.39  | 0.30%             | 2026-06-25      | Floating      | 10.43%                | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR4                                | CUSIP: 073324AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4982562 | PA      | $4535633.98   | 0.13%             | 2037-04-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Gkn Sub Ctl Pt Trust Aub                                              | GKN Subordinated CTL Pass-Through Trust/Auburn MI                           | CUSIP: 36175XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7076849 | PA      | $4495214.48   | 0.13%             | 2030-03-15      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAQ1<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   8100000 | PA      | $6343920.00   | 0.18%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2007-QO5 Trust                                                  | CUSIP: 74924AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9462102 | PA      | $1386249.93   | 0.04%             | 2047-08-25      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15190000 | PA      | $15268909.01  | 0.44%             | 2029-01-25      | Fixed         | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2024-RTL1                                                | CUSIP: 77118UAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6948911.90   | 0.20%             | 2027-04-25      | Variable      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS4 Trust                                                  | CUSIP: 749228AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1488046 | PA      | $1085889.38   | 0.03%             | 2036-04-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Tower Bellflower LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  18848047 | PA      | $18855586.18  | 0.54%             | 2026-02-01      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2021-ESH                                        | CUSIP: 30227FAN0<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |  42028659 | PA      | $42129528.03  | 1.21%             | 2026-07-15      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-2 LLC                                                             | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6682501 | PA      | $6676876.33   | 0.19%             | 2030-05-25      | Variable      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Mile Trust                                                            | MILE Trust 2025-STNE                                                        | CUSIP: 59918AAA2<br>LEI: 5299003D83CHWGW2AK82 | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $7011900.00   | 0.20%             | 2030-07-15      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAZ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6531343 | PA      | $6043407.69   | 0.17%             | 2037-05-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                               | NYMT Loan Trust Series 2024-BPL2                                            | CUSIP: 67120TAA8<br>LEI: 254900HCG7N4R7AWFZ60 | Long             | ABS-MBS          | CORP              | US        |   4137000 | PA      | $4165147.32   | 0.12%             | 2039-05-25      | Fixed         | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4935031 | PA      | $4936511.76   | 0.14%             | 2026-05-15      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| GREAT WOLF TRUST 2024-WOLF                                            | Great Wolf Trust 2024-WOLF                                                  | CUSIP: 39152MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24100000 | PA      | $24191580.00  | 0.69%             | 2039-03-15      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JP Morgan Chase Commercial Mortgage Securities Trust 2022-NLP               | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15620473 | PA      | $15406472.67  | 0.44%             | 2027-04-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust 2022-1                                           | CHNGE Mortgage Trust 2022-1                                                 | CUSIP: 17030JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13352521 | PA      | $12557523.92  | 0.36%             | 2067-01-25      | Variable      | 3.01%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-8                                         | CUSIP: 69544QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13582564 | PA      | $13638252.09  | 0.39%             | 2032-01-15      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust                                                    | CUSIP: 46593VAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18931035 | PA      | $18889704.86  | 0.54%             | 2055-11-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Alphaflow Transitional Mortgage Trust                                 | AlphaFlow Transitional Mortgage Trust 2021-WL1                              | CUSIP: 02079YAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190559 | PA      | $7281.96      | 0.00%             | 2026-01-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | Credit Suisse Mortgage Capital Certificates                                 | CUSIP: 126395AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11340000 | PA      | $10329606.00  | 0.30%             | 2025-10-15      | Floating      | 11.11%                | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAD7<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5963369.40   | 0.17%             | 2039-09-25      | Variable      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing Llc                                           | Hertz Vehicle Financing III LP                                              | CUSIP: 42806MAH2<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4818000.00   | 0.14%             | 2026-12-25      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $2098312.44   | 0.06%             | 2029-07-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-3                               | CUSIP: 92258RAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    576875 | PA      | $439746.73    | 0.01%             | 2031-11-25      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | JPMCC Multifamily Housing Mortgage Loan Trust 2025-Q032                     | CUSIP: 48129YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9360656 | PA      | $9196844.72   | 0.26%             | 2029-10-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    154715 | PA      | $150459.90    | 0.00%             | 2026-07-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2937900.00   | 0.08%             | 2034-08-05      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| Libertas Asset Securitization Llc                                     | Libertas Asset Securitization LLC                                           | CUSIP: 529922AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2002400.00   | 0.06%             | 2028-07-15      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL2                                            | CUSIP: 31575JAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2247741.23   | 0.06%             | 2040-07-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM1                                   | CUSIP: 10569TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2050041 | PA      | $1915475.29   | 0.05%             | 2049-02-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25000000 | PA      | $24880000.00  | 0.71%             | 2027-03-15      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2024-RTL1                                                | CUSIP: 77118UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4250000 | PA      | $4242828.98   | 0.12%             | 2027-04-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2019-1A                                | CUSIP: 14855MAA6<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |   6242866 | PA      | $5965682.57   | 0.17%             | 2026-04-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5042000 | PA      | $5184688.60   | 0.15%             | 2030-01-15      | Variable      | 8.89%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6         | CUSIP: 69548KAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7055986 | PA      | $7120901.05   | 0.20%             | 2026-06-15      | Fixed         | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2024-NPL6 LLC                                                          | CUSIP: 69381QAA4<br>LEI: 254900RZOKAJE9T5UQ09 | Long             | ABS-MBS          | CORP              | US        |   9038996 | PA      | $9053768.83   | 0.26%             | 2027-10-25      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL4                                              | CUSIP: 50204VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13750000 | PA      | $13849162.25  | 0.40%             | 2026-06-25      | Fixed         | 7.63%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $7043013.60   | 0.20%             | 2031-02-25      | Fixed         | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2025-NQM2 Trust                                                         | CUSIP: 55287MAA7<br>LEI: 254900SDE8K3K1E63161 | Long             | ABS-MBS          | CORP              | US        |  14457503 | PA      | $14480642.57  | 0.42%             | 2070-05-27      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.394% 04/03/33                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $-940437.83   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL6                           | CUSIP: 79585UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23389000 | PA      | $23621863.22  | 0.68%             | 2026-12-25      | Variable      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust 2024-1                                               | CUSIP: 57108VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5300000 | PA      | $5350350.00   | 0.15%             | 2027-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust                                      | CUSIP: 92257NAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    208017 | PA      | $167501.51    | 0.00%             | 2027-03-25      | Variable      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAN8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   8133239 | PA      | $6652176.18   | 0.19%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Bmo Mortgage Trust                                                    | BMO 2025-5C10 Mortgage Trust                                                | CUSIP: 05615BAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1769600.00   | 0.05%             | 2058-05-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6713745 | PA      | $6730529.17   | 0.19%             | 2039-02-15      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB74 Mortgage Trust                                              | CUSIP: 30291SAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19798429 | PA      | $588013.35    | 0.02%             | 2030-03-25      | Variable      | 0.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CSLRTLAX                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    593344 | PA      | $593097.91    | 0.02%             | 2026-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-9                                                | CUSIP: 52521HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1615172 | PA      | $858184.66    | 0.02%             | 2037-01-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAE8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |  14945000 | PA      | $12963293.00  | 0.37%             | 2035-01-05      | Variable      | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Achieve Personal Loan Master Pass-through Trust                       | Achieve Personal Loan Master Pass-Through Trust Series 2023-PT1             | CUSIP: 00446KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    346574 | PA      | $201116.68    | 0.01%             | 2053-09-15      | Variable      | 20.93%                | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1980970.60   | 0.06%             | 2054-09-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL1                                              | CUSIP: 50205NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11566442 | PA      | $11579300.20  | 0.33%             | 2028-01-25      | Fixed         | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                   | CitiMortgage Alternative Loan Trust Series 2007-A2                          | CUSIP: 12566UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1179208 | PA      | $1015154.13   | 0.03%             | 2037-02-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2006-AR3                                | CUSIP: 07400JAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2407217 | PA      | $2255467.87   | 0.06%             | 2036-10-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAC2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   3195000 | PA      | $2711277.00   | 0.08%             | 2035-01-05      | Variable      | 3.66%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-4                                                 | CUSIP: 12569QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4946017 | PA      | $5010125.19   | 0.14%             | 2058-09-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                      | Soundview Home Loan Trust 2007-OPT4                                         | CUSIP: 83613AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5462640 | PA      | $4027656.91   | 0.12%             | 2037-09-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30461415 | PA      | $7200953.56   | 0.21%             | 2037-03-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2021-RTL1                                           | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18759664 | PA      | $18493075.62  | 0.53%             | 2027-07-25      | Variable      | 3.49%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11265976 | PA      | $11260474.84  | 0.32%             | 2028-08-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2017-1R                                | CUSIP: 14856JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15942087 | PA      | $14990344.80  | 0.43%             | 2025-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL4                                              | CUSIP: 50205PAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12000000 | PA      | $12048025.20  | 0.35%             | 2027-01-25      | Variable      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-2 LLC                                          | CUSIP: 12326TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2317724 | PA      | $2306830.67   | 0.07%             | 2030-09-15      | Fixed         | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2021-RTL1                                           | CUSIP: 257463AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3346619.15   | 0.10%             | 2027-07-25      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                                        | Chase Auto Credit Linked Notes Series 2025-1                                | CUSIP: 46591HCX6<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |   1117246 | PA      | $1151098.12   | 0.03%             | 2029-04-25      | Fixed         | 10.42%                | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3708898 | PA      | $3695902.05   | 0.11%             | 2055-06-25      | Variable      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                                        | Avant Credit Card Master Trust                                              | CUSIP: 05351KAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1991400.00   | 0.06%             | 2027-10-16      | Fixed         | 6.23%                 | Yes           |                  2 | On Loan: No      |
| Imperial Fund Llc                                                     | Imperial Fund Mortgage Trust 2023-NQM1                                      | CUSIP: 45290BAE9<br>LEI: 984500DDE091107DY398 | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4492096.65   | 0.13%             | 2068-02-25      | Variable      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                                      | THPT 2023-THL Mortgage Trust                                                | CUSIP: 87252LAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4844448 | PA      | $4927772.51   | 0.14%             | 2026-12-10      | Variable      | 8.53%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2006-7                                                | CUSIP: 52520QAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34332747 | PA      | $4028796.76   | 0.12%             | 2036-11-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6554514.85   | 0.19%             | 2026-03-25      | Variable      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | UTEX-DEFEASED                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    825467 | PA      | $823898.69    | 0.02%             | 2049-12-31      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Cribs Mortgage Trust 2025-rtl1                                        | Cribs Mortgage Trust 2025-RTL1                                              | CUSIP: 12704NAA1<br>LEI: 254900Y2C40FXLSY2W87 | Long             | ABS-MBS          | CORP              | US        |   8350000 | PA      | $8407075.59   | 0.24%             | 2027-10-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| New York Mortgage Trust                                               | NYMT Loan Trust Series 2024-BPL2                                            | CUSIP: 67120TAC4<br>LEI: 254900HCG7N4R7AWFZ60 | Long             | ABS-MBS          | CORP              | US        |  11250000 | PA      | $11367166.50  | 0.33%             | 2039-05-25      | Fixed         | 8.41%                 | Yes           |                  2 | On Loan: No      |
| Bmd2 Re-remic Trust                                                   | BMD2 Re-Remic Trust 2019-FRR1                                               | CUSIP: 055631AZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12585000 | PA      | $10101979.50  | 0.29%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp                                                    | Rithm Capital Corp.                                                         | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     78637 | NS      | $1925033.76   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5075617 | PA      | $5075616.71   | 0.15%             | 2039-02-15      | Floating      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP             | CUSIP: 466317AL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6414157 | PA      | $6275611.00   | 0.18%             | 2027-04-15      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust 2016-HHV                                                   | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9635000.00   | 0.28%             | 2026-11-05      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2021-1RMortgage Pass-Through Certificates                              | CUSIP: 19688BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2409471 | PA      | $2131568.99   | 0.06%             | 2065-05-25      | Variable      | 1.42%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4200000 | PA      | $3668280.00   | 0.11%             | 2038-06-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9JK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6840000 | PA      | $1687428.00   | 0.05%             | 2032-11-25      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust                                            | Point Securitization Trust 2025-1                                           | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10889953 | PA      | $10816384.43  | 0.31%             | 2028-05-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Bcrr Trust                                                            | BCRR 2016-FRR3 Trust                                                        | CUSIP: 81753WAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24057599 | PA      | $23817023.47  | 0.68%             | 2026-05-26      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Bmo Mortgage Trust                                                    | BMO 2025-5C10 Mortgage Trust                                                | CUSIP: 05615BAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1790250.00   | 0.05%             | 2030-05-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2007-5CB                                             | CUSIP: 02150EAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12566007 | PA      | $5100715.46   | 0.15%             | 2037-04-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2025-RTL1                                                | CUSIP: 77119RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4200000 | PA      | $4195441.32   | 0.12%             | 2027-08-25      | Variable      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Icap 2025-rtl1 Trust                                                  | ICAP 2025-RTL1 Trust                                                        | CUSIP: 45115QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $12994980.70  | 0.37%             | 2028-01-25      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS Mortgage Trust 2025-5C34                                              | CUSIP: 07337BAM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1768200.00   | 0.05%             | 2030-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL1                                            | CUSIP: 89054YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4030680.00   | 0.12%             | 2026-03-25      | Variable      | 9.16%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                    | CUSIP: 61790VAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2685007 | PA      | $2685731.47   | 0.08%             | 2029-04-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2813324 | PA      | $2806229.89   | 0.08%             | 2055-06-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL2                                              | CUSIP: 50205BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $15034314.00  | 0.43%             | 2028-06-25      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| United Auto Credit Securitization Trust                               | United Auto Credit Securitization Trust 2025-1                              | CUSIP: 90945JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $8528050.00   | 0.24%             | 2028-01-10      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Receive 3.823% / Pay SOFR 02/13/2034                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $123306.70    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities Trust 2024-01                     | CUSIP: 62548RAB5<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1474760.00   | 0.04%             | 2054-07-25      | Floating      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                              | Rain City Mortgage Trust 2024-RTL1                                          | CUSIP: 75079KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14953450.50  | 0.43%             | 2029-11-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                                        | Project Silver                                                              | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6973548 | PA      | $6171590.06   | 0.18%             | 2026-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2021-RTL1                                                | CUSIP: 77118TAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    504951 | PA      | $502766.84    | 0.01%             | 2026-08-25      | Variable      | 3.49%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-PF1                                                        | CUSIP: 316922AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4688873 | PA      | $4672775.94   | 0.13%             | 2055-06-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Tlwnd 2019-1                                                          | GAIA Aviation, Ltd.                                                         | CUSIP: 87404LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  13426043 | PA      | $12682239.93  | 0.36%             | 2026-12-15      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1799662 | PA      | $1731928.90   | 0.05%             | 2063-10-25      | Variable      | 1.26%                 | Yes           |                  2 | On Loan: No      |
| Bxp Trust                                                             | BXP Trust 2021-601L                                                         | CUSIP: 05607TAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1699000 | PA      | $1342210.00   | 0.04%             | 2032-01-15      | Variable      | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Maps Ltd                                                              | MAPS 2021-1 Trust                                                           | CUSIP: 55292RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90130 | PA      | $87912.82     | 0.00%             | 2028-06-15      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark 2025-V13 Mortgage Trust                                           | CUSIP: 08164ABL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8155200.00   | 0.23%             | 2030-01-15      | Variable      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| Pennymac Corp                                                         | PennyMac Corp.                                                              | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3064605.00   | 0.09%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAA6<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   6497500 | PA      | $5509230.25   | 0.16%             | 2035-01-05      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4250000 | PA      | $4245325.00   | 0.12%             | 2025-08-05      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Harborview Mortgage Loan Trust                                        | HarborView Mortgage Loan Trust 2006-4                                       | CUSIP: 41161PP98<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15011559 | PA      | $7843300.96   | 0.23%             | 2046-05-19      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAD3<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3704236.13   | 0.11%             | 2040-01-25      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2024-4 LLC                                                             | CUSIP: 74390EAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10142169 | PA      | $10143525.41  | 0.29%             | 2027-07-25      | Variable      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 1.9860% 03/21/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $128621.03    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2006-AR3                                | CUSIP: 07400HAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    301165 | PA      | $282179.71    | 0.01%             | 2036-10-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5100000 | PA      | $5125500.00   | 0.15%             | 2027-03-15      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS Mortgage Trust 2025-5C34                                              | CUSIP: 07337BAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1776600.00   | 0.05%             | 2030-05-15      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB83 Mortgage Trust                                              | CUSIP: 30318NAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26931226 | PA      | $714612.01    | 0.02%             | 2041-01-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust                         | Center Street Lending Resi-Investor ABS Mortgage Trust 2024-RTL1            | CUSIP: 15169CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10526000 | PA      | $10597263.13  | 0.30%             | 2027-05-25      | Variable      | 8.34%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-24CB                                            | CUSIP: 02146TAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5030329 | PA      | $2154068.73   | 0.06%             | 2036-08-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM3                         | CUSIP: 80263AAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13830680 | PA      | $13858706.29  | 0.40%             | 2065-05-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2389270 | PA      | $1618969.35   | 0.05%             | 2038-06-15      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL3                                              | CUSIP: 50205TAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3008043.30   | 0.09%             | 2028-08-25      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Merrill Lynch Large Loan Inc                          | Banc of America Re-Remic Trust                                              | CUSIP: 05942XAG2<br>LEI: 549300MWBLMUUG6B8094 | Long             | ABS-MBS          | CORP              | US        |   9155000 | PA      | $5584550.00   | 0.16%             | 2032-02-27      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Dsla Mortgage Loan Trust                                              | DSLA Mortgage Loan Trust 2006-AR2                                           | CUSIP: 23332QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19057035 | PA      | $12837118.28  | 0.37%             | 2036-10-19      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya Ai Debt Trust 2025-R1                                                | CUSIP: 69547CAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4263175.00   | 0.12%             | 2032-06-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Selection Trust                                              | CUSIP: 69545AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11049814 | PA      | $11160312.59  | 0.32%             | 2031-12-15      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Royalty I, Llc                                             | FAT Brands Royalty LLC                                                      | CUSIP: 31189TAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3840000 | PA      | $3510144.00   | 0.10%             | 2026-07-25      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust 2007-2                                                | CUSIP: 52521DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24989437 | PA      | $4548567.36   | 0.13%             | 2037-02-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | Pret 2025-NPL7 LLC                                                          | CUSIP: 740934AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14996811.00  | 0.43%             | 2028-07-25      | Fixed         | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn1                                                  | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGA              | US        |   2000000 | PA      | $2071000.00   | 0.06%             | 2051-01-25      | Floating      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2021-1                               | CUSIP: 92259TAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1655964 | PA      | $1017232.07   | 0.03%             | 2031-03-25      | Variable      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-1                               | CUSIP: 92258XAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3297365 | PA      | $2329591.53   | 0.07%             | 2032-06-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending 2019-CF1                              | CUSIP: 12529MDH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4600000 | PA      | $270480.00    | 0.01%             | 2026-08-25      | Variable      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL1 Trust                                                        | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8881649 | PA      | $8928389.19   | 0.26%             | 2028-02-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-2                                  | CUSIP: 85573HAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    585035 | PA      | $554315.44    | 0.02%             | 2065-05-25      | Variable      | 1.17%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Funding Corporation                                   | Banc of America Funding 2015-R2 Trust                                       | CUSIP: 05990TBE6<br>LEI: 549300FIDVENGSO4CW78 | Long             | ABS-MBS          | CORP              | US        |   9801858 | PA      | $9007205.88   | 0.26%             | 2027-07-27      | Floating      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-3                                                 | CUSIP: 69547XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17027600 | PA      | $17138279.25  | 0.49%             | 2026-03-15      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $19999970.00  | 0.57%             | 2030-08-25      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust 2006-Hy12                                      | Countrywide Alternative Loan                                                | CUSIP: 02151HAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6510943 | PA      | $2764937.16   | 0.08%             | 2037-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2022-SEQ2                           | CUSIP: 79581RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3641630 | PA      | $3583808.41   | 0.10%             | 2052-02-25      | Variable      | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Merchants Bank Of Indiana Multifamily Housing Mortgage Loan Trust     | Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust 2024-Q025 | CUSIP: 58849RAC7<br>LEI: 549300WRDGBHKR1BXL98 | Long             | ABS-MBS          | CORP              | US        |  16232000 | PA      | $16300174.40  | 0.47%             | 2030-12-25      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS Mortgage Trust 2023-5C23                                              | CUSIP: 05493QAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4079000 | PA      | $3830588.90   | 0.11%             | 2028-11-15      | Variable      | 7.46%                 | Yes           |                  2 | On Loan: No      |
| Rco Mortgage Llc                                                      | RCO VIII Mortgage LLC 2025-3                                                | CUSIP: 74939GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2262961 | PA      | $2262249.93   | 0.06%             | 2028-05-25      | Variable      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Comm Mortgage Trust                                                   | COMM 2019-GC44 Mortgage Trust                                               | CUSIP: 12655TAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9155000 | PA      | $8932533.50   | 0.26%             | 2038-12-15      | Variable      | 3.40%                 | Yes           |                  2 | On Loan: No      |
| Sb Multifamily Repack Trust Series 2020-frr1                          | SB Multifamily Repack Trust                                                 | CUSIP: 78397JAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9291490 | PA      | $9200433.67   | 0.26%             | 2026-05-27      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-NPL2                           | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1072989 | PA      | $1068306.76   | 0.03%             | 2028-04-25      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5                    | CUSIP: 61779BAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14703000 | PA      | $14701703.20  | 0.42%             | 2070-07-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Clicklease Equipment Receivables 2024-1 Trust                         | ClickLease Equipment Receivables 2024-1 Trust                               | CUSIP: 18682FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7060000 | PA      | $7174372.00   | 0.21%             | 2027-02-15      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| Sfave Commercial Mortgage Securities Trust                            | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                        | CUSIP: 78413MAL2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |   4991000 | PA      | $4201423.80   | 0.12%             | 2035-01-05      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| Fs Trust                                                              | FS Trust 2024-HULA                                                          | CUSIP: 30338DAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5006500.00   | 0.14%             | 2026-08-15      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2426040.00   | 0.07%             | 2033-06-25      | Floating      | 8.60%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-2                               | CUSIP: 92259UAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3045738 | PA      | $2440245.20   | 0.07%             | 2052-04-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-MF                                        | CUSIP: 05612EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88545 | PA      | $89076.76     | 0.00%             | 2026-02-15      | Floating      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2018-TALL Mortgage Trust                                              | CUSIP: 05548WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3312000 | PA      | $3013920.00   | 0.09%             | 2037-03-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Hsi Asset Securitization Corporation Trust                            | HSI Asset Securitization Corp. Trust 2007-NC1                               | CUSIP: 40430TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4262458 | PA      | $2765474.71   | 0.08%             | 2037-04-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2007-2CB                                             | CUSIP: 02149HAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1542041 | PA      | $641260.64    | 0.02%             | 2037-03-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Cribs Mortgage Trust 2025-rtl1                                        | Cribs Mortgage Trust 2025-RTL1                                              | CUSIP: 12704NAB9<br>LEI: 254900Y2C40FXLSY2W87 | Long             | ABS-MBS          | CORP              | US        |   5850000 | PA      | $5859671.81   | 0.17%             | 2027-10-25      | Variable      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Prkcm Trust                                                           | PRKCM 2023-AFC1 Trust                                                       | CUSIP: 693981AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    943711 | PA      | $945930.58    | 0.03%             | 2027-02-25      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3533608 | PA      | $1166580.50   | 0.03%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rain City Mortgage Trust                                              | Rain City Mortgage Trust 2024-RTL1                                          | CUSIP: 75079KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10034248.00  | 0.29%             | 2029-11-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                   | Homeward Opportunities Fund Trust 2025-RRTL1                                | CUSIP: 437919AD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6100000 | PA      | $6078992.82   | 0.17%             | 2027-02-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAC0<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1497686.70   | 0.04%             | 2040-05-25      | Variable      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Bcap Llc Trust                                                        | BCAP LLC 2010-RR5-I Trust                                                   | CUSIP: 05532UAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8475381 | PA      | $4272378.44   | 0.12%             | 2037-04-26      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2006-R1                              | CUSIP: 76113MAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9849351 | PA      | $2861726.07   | 0.08%             | 2046-01-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Boston Lending Trust 2022-1                                           | Boston Lending Trust 2022-1                                                 | CUSIP: 10084LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750594 | PA      | $2364410.58   | 0.07%             | 2027-02-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS2 Trust                                                  | CUSIP: 761118UV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4613601 | PA      | $3568605.97   | 0.10%             | 2036-02-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL5                                              | CUSIP: 50205WAD9<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |   6900000 | PA      | $6801403.14   | 0.20%             | 2039-09-25      | Variable      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL5                                              | CUSIP: 50205WAC1<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |   9400000 | PA      | $9327899.18   | 0.27%             | 2039-09-25      | Variable      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Limited/ Us Llc                            | Thunderbolt III Aircraft Lease, Ltd.                                        | CUSIP: 88607AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8639803 | PA      | $7279034.18   | 0.21%             | 2026-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2024-HE4                                                        | CUSIP: 31684UAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $977847.70    | 0.03%             | 2054-09-25      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2025-RTL1                                                | CUSIP: 77119RAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4921820.50   | 0.14%             | 2027-08-25      | Variable      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM2                                                | CUSIP: 00250EAC0<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   9758127 | PA      | $9790951.22   | 0.28%             | 2029-05-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3036000 | PA      | $3010795.13   | 0.09%             | 2028-08-25      | Variable      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC1                    | CUSIP: 61790VAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2929098 | PA      | $2935129.33   | 0.08%             | 2029-04-25      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2019-1A                                | CUSIP: 14855MAB4<br>LEI: 549300MHTIBONNXM3R82 | Long             | ABS-O            | CORP              | US        |   2422091 | PA      | $2166802.72   | 0.06%             | 2026-04-15      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust 2021-FRR1                                    | CUSIP: 12529YBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24870000 | PA      | $22373052.00  | 0.64%             | 2029-09-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAH0<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3027668.10   | 0.09%             | 2027-03-25      | Variable      | 8.34%                 | Yes           |                  2 | On Loan: No      |
| Massage Envy                                                          | ME Funding LLC                                                              | CUSIP: 55282GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10925404 | PA      | $11065249.38  | 0.32%             | 2027-04-30      | Fixed         | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9UG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11437000 | PA      | $3364765.40   | 0.10%             | 2033-01-25      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAB1<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |  13875000 | PA      | $13841397.53  | 0.40%             | 2039-09-25      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-2                                                 | CUSIP: 694961AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900287 | PA      | $1907127.87   | 0.05%             | 2031-08-15      | Variable      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                             | RAMP Series 2007-RS1 Trust                                                  | CUSIP: 74923RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  32244743 | PA      | $7570685.17   | 0.22%             | 2037-02-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 2.6880% 05/13/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $44160.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                                           | SMR 2022-IND Mortgage Trust                                                 | CUSIP: 78458MAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10347152 | PA      | $10347151.71  | 0.30%             | 2039-02-15      | Floating      | 9.34%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-1 LLC                                          | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8344380 | PA      | $8533797.30   | 0.25%             | 2030-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2023-DELC                                                          | CUSIP: 05610DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6058800.00   | 0.17%             | 2038-05-15      | Floating      | 9.63%                 | Yes           |                  2 | On Loan: No      |
| Solrr Aircraft 2021-1 Limited                                         | Lunar 2021-1 Structured Aircraft Portfolio Notes                            | CUSIP: 83438LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |   4797903 | PA      | $4500433.25   | 0.13%             | 2028-09-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Note                                                          | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 100000000 | PA      | $102167970.00 | 2.93%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8019200.00   | 0.23%             | 2027-07-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Willis Engine Securitization Trust                                    | Willis Engine Structured Trust IV                                           | CUSIP: 97064EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2298137 | PA      | $2289633.43   | 0.07%             | 2026-09-15      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15300000 | PA      | $6188850.00   | 0.18%             | 2038-06-15      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2023-6                                                 | CUSIP: 69547UAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1658268 | PA      | $1666558.92   | 0.05%             | 2031-06-16      | Variable      | 8.49%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Alternative Note Asset                                  | Merrill Lynch Alternative Note Asset Trust Series 2007-AF1                  | CUSIP: 59024KAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16059940 | PA      | $2511475.92   | 0.07%             | 2037-05-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                                    | MCR 2024-TWA Mortgage Trust                                                 | CUSIP: 582923AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25000000 | PA      | $25170000.00  | 0.72%             | 2027-06-12      | Fixed         | 8.72%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10025000.00  | 0.29%             | 2027-07-15      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL1                                            | CUSIP: 31575LAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1751191.40   | 0.05%             | 2040-02-27      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2025-RTL1                            | CUSIP: 92262GAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5863000 | PA      | $5950693.48   | 0.17%             | 2030-03-25      | Fixed         | 8.52%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                               | Dominion Mortgage Trust 2025-RTL1                                           | CUSIP: 25746DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4062680.00   | 0.12%             | 2027-09-25      | Variable      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 2.8285% 08/05/25                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $438.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bmd2 Re-remic Trust                                                   | BMD2 Re-Remic Trust 2019-FRR1                                               | CUSIP: 055631BX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6619500 | PA      | $4934175.30   | 0.14%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Falcon Aerospace Ltd                                                  | Falcon 2019-1 Aerospace, Ltd.                                               | CUSIP: 30610GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    866398 | PA      | $833907.80    | 0.02%             | 2026-09-15      | Fixed         | 4.79%                 | Yes           |                  2 | On Loan: No      |
| Cps Auto Trust                                                        | CPS Auto Receivables Trust 2023-A                                           | CUSIP: 12664LAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5456000.00   | 0.16%             | 2027-02-16      | Fixed         | 10.59%                | Yes           |                  2 | On Loan: No      |
| Jw Commercial Mortgage Trust 2024-mrco                                | JW Commercial Mortgage Trust 2024-MRCO                                      | CUSIP: 46657XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9958000.00   | 0.29%             | 2026-06-15      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8500000 | PA      | $1646450.00   | 0.05%             | 2038-06-15      | Floating      | 9.09%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2020-BID Mortgage Trust                                               | CUSIP: 05493BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9516000 | PA      | $9526467.60   | 0.27%             | 2025-10-15      | Floating      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2020-FACT                                                        | Credit Suisse Commercial Mortgage Trust 2020-FACT E                         | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1745000 | PA      | $1679562.50   | 0.05%             | 2025-10-15      | Floating      | 9.79%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-2                                                 | CUSIP: 169926AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    822080 | PA      | $824036.87    | 0.02%             | 2027-05-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 2.5045% 04/19/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $24179.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB84 Mortgage Trust                                              | CUSIP: 30320WAR0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24978302 | PA      | $557016.13    | 0.02%             | 2031-01-25      | Variable      | 0.47%                 | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM5                                                | CUSIP: 00249XAE8<br>LEI: 984500L072D83D1AA637 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3002405.70   | 0.09%             | 2068-11-25      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE3                                                        | CUSIP: 31684LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1673245 | PA      | $1669095.79   | 0.05%             | 2055-05-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Chase & Co.                                               | Recv Irs 2.8775% 08/05/25                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $425.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10500000 | PA      | $10575902.40  | 0.30%             | 2026-12-25      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| Flexential Issuer, Llc                                                | Flexential Issuer 2021-1                                                    | CUSIP: 33938MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7934000 | PA      | $7648376.00   | 0.22%             | 2026-11-25      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| 1345 Trust                                                            | 1345T 2025-AOA                                                              | CUSIP: 68271CAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3250000 | PA      | $3270150.00   | 0.09%             | 2030-06-15      | Floating      | 7.34%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-24CB                                            | CUSIP: 02146TAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2321205 | PA      | $977193.83    | 0.03%             | 2036-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL5 LLC                                                          | CUSIP: 74143LAA4<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-MBS          | CORP              | US        |  19872150 | PA      | $19902324.14  | 0.57%             | 2028-05-25      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8808000 | PA      | $8101598.41   | 0.23%             | 2036-12-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Vontive Mortgage Trust 2025-rtl1                                      | Vontive Mortgage Trust 2025-RTL1                                            | CUSIP: 928884AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8019791.20   | 0.23%             | 2027-03-25      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1659995 | PA      | $1559731.73   | 0.04%             | 2026-06-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | Lhome Mortgage Trust 2025-Rtl2                                              | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5010662.00   | 0.14%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint 2021-B Asset Securitization Trust                              | CUSIP: 52607HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $718800.00    | 0.02%             | 2034-08-05      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4100000 | PA      | $4135290.75   | 0.12%             | 2026-10-25      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust                         | J.P. Morgan Chase Commercial Mortgage Securities Trust 2025-BHR5            | CUSIP: 46649WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3800000 | PA      | $3798860.00   | 0.11%             | 2030-03-15      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR2                                | CUSIP: 07401TAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5655796 | PA      | $5135608.42   | 0.15%             | 2037-03-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2022-1                               | CUSIP: 92258XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1232061 | PA      | $810714.38    | 0.02%             | 2033-08-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAB2<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   3400000 | PA      | $3397110.00   | 0.10%             | 2040-05-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-1 LLC                                          | CUSIP: 12327CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1399481 | PA      | $1418933.46   | 0.04%             | 2030-05-15      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust                             | Santander Mortgage Asset Receivable Trust 2025-NQM2                         | CUSIP: 802638AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2882914 | PA      | $2891466.62   | 0.08%             | 2065-02-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2023-5                                                 | CUSIP: 69546PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19999831 | PA      | $20061830.44  | 0.58%             | 2031-04-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2021-1                                 | CUSIP: 24380VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1479650 | PA      | $1409013.73   | 0.04%             | 2065-05-25      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AF3<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |   6800000 | PA      | $6759598.48   | 0.19%             | 2069-08-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Tower Bellflower LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    201953 | PA      | $202033.82    | 0.01%             | 2026-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust                                  | Castlelake Aircraft Securitization Trust 2018-1                             | CUSIP: 14856CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4334216 | PA      | $4007849.08   | 0.12%             | 2043-06-15      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Bravo Residential Funding Trust                                       | BRAVO Residential Funding Trust 2021-NQM1                                   | CUSIP: 10569TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    654020 | PA      | $611373.82    | 0.02%             | 2049-02-25      | Variable      | 1.33%                 | Yes           |                  2 | On Loan: No      |
| Rwt Holdings Inc                                                      | RWT Holdings, Inc.                                                          | CUSIP: 749772AD1<br>LEI: Z31FN4C0IQMCYFAEUP31 | Long             | DBT              | CORP              | US        |  11300000 | PA      | $11300000.00  | 0.32%             | 2025-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                                        | Avant Credit Card Master Trust                                              | CUSIP: 05351KAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5025500.00   | 0.14%             | 2027-10-16      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-NQM2 Trust                                                         | CUSIP: 58004JAF9<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |   5448000 | PA      | $5405702.82   | 0.16%             | 2069-08-25      | Variable      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Hltn Commercial Mortgage Trust 2024-dplo                              | HLTN Commercial Mortgage Trust 2024-DPLO                                    | CUSIP: 40424UAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16000000 | PA      | $16059200.00  | 0.46%             | 2026-06-15      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Lehman Xs Trust                                                       | Lehman XS Trust 2007-6                                                      | CUSIP: 52524PAY8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3079314 | PA      | $2815561.56   | 0.08%             | 2037-05-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                  | Cross 2024-H6 Mortgage Trust                                                | CUSIP: 227919AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1079000 | PA      | $1070743.38   | 0.03%             | 2069-09-25      | Variable      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    751515 | PA      | $722615.63    | 0.02%             | 2063-10-25      | Variable      | 1.06%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2022-SB95 Mortgage Trust                                              | CUSIP: 35802DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 109608871 | PA      | $1334805.88   | 0.04%             | 2031-11-25      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| Gcat                                                                  | GCAT2021-NQM4 Trust                                                         | CUSIP: 36168HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    532204 | PA      | $442408.28    | 0.01%             | 2025-08-25      | Variable      | 1.09%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1262779.75   | 0.04%             | 2026-12-25      | Fixed         | 10.73%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                              | Government National Mortgage Association                                    | CUSIP: 38380JNU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  67721170 | PA      | $2478594.83   | 0.07%             | 2059-03-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-NQM2                               | CUSIP: 36272EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11693456 | PA      | $11713893.87  | 0.34%             | 2065-06-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd                                                | Navigator 2024-1 Aviation, Ltd.                                             | CUSIP: 63943DAB5<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |   1869048 | PA      | $1885495.22   | 0.05%             | 2031-08-15      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Hyt Commercial Mortgage Trust 2024-rgcy                               | HYT Commercial Mortgage Trust 2024-RGCY                                     | CUSIP: 449173AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12900000 | PA      | $12894840.00  | 0.37%             | 2026-09-15      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2022-IND                                                           | CUSIP: 05609WAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10500000 | PA      | $10539900.06  | 0.30%             | 2027-04-15      | Floating      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16298473 | PA      | $15064249.49  | 0.43%             | 2064-04-25      | Variable      | 1.02%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6435000 | PA      | $5873224.50   | 0.17%             | 2027-10-25      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Easy 2025-rtl1                                                        | Easy Street Mortgage Loan Trust 2025-RTL1                                   | CUSIP: 27786FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17500000 | PA      | $17494949.50  | 0.50%             | 2040-05-25      | Variable      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL5                           | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  30500000 | PA      | $30929610.80  | 0.89%             | 2030-04-25      | Fixed         | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23556897 | PA      | $9035207.76   | 0.26%             | 2036-07-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust          | CUSIP: 524947AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5401000 | PA      | $5430705.50   | 0.16%             | 2027-11-05      | Fixed         | 7.79%                 | Yes           |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2019-3                                        | CUSIP: 78432BAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48907 | PA      | $48691.83     | 0.00%             | 2059-09-25      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                                      | THPT 2023-THL Mortgage Trust                                                | CUSIP: 87252LAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9158000 | PA      | $8846628.00   | 0.25%             | 2026-12-10      | Variable      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2024-RRTL1                                               | CUSIP: 87306WAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1995277.40   | 0.06%             | 2027-02-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Mrcd Mortgage Trust                                                   | MRCD 2019-MARK Mortgage Trust                                               | CUSIP: 55348UAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8944000 | PA      | $4976243.04   | 0.14%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  23570880 | PA      | $22250910.72  | 0.64%             | 2038-12-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Fazoli's Native I, Llc                                     | FAT Brands Fazoli's Native I LLC                                            | CUSIP: 31200BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1930000 | PA      | $1830219.00   | 0.05%             | 2051-07-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust                                         | CUSIP: 36262EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $828673.30    | 0.02%             | 2061-07-25      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11000000 | PA      | $10947200.00  | 0.31%             | 2027-03-15      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2019-BNK17                                                             | CUSIP: 065403AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1849000 | PA      | $1479569.80   | 0.04%             | 2029-04-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust 2020-01               | Multifamily Connecticut Avenue Securities 2020-01                           | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |  12785643 | PA      | $13119348.25  | 0.38%             | 2050-03-25      | Floating      | 8.21%                 | Yes           |                  2 | On Loan: No      |
| Fhlmc Multifamily Structured Pass Through Certs.                      | Freddie Mac Multifamily Structured Pass Through Certificates                | CUSIP: 3137H9PE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  19488345 | PA      | $5226774.13   | 0.15%             | 2033-01-25      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $20058040.00  | 0.58%             | 2031-02-25      | Fixed         | 7.33%                 | Yes           |                  2 | On Loan: No      |
| The Baha Trust                                                        | BAHA Trust 2024-MAR                                                         | CUSIP: 05493XAC4<br>LEI: XLEZHWWOI4HFQDGL4793 | Long             | ABS-MBS          | CORP              | US        | 284500000 | PA      | $2987250.00   | 0.09%             | 2029-12-10      | Variable      | 0.36%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust                                                            | CUSIP: 432826AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4700000 | PA      | $4711280.00   | 0.14%             | 2027-07-15      | Floating      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2019-KL05 Mortgage Trust                                              | CUSIP: 30311NAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  28878000 | PA      | $24638709.60  | 0.71%             | 2029-06-25      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Cali Mortgage Trust                                                   | Cali 2024-Sun                                                               | CUSIP: 12988DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8900000 | PA      | $8923140.00   | 0.26%             | 2026-07-15      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-42                                              | CUSIP: 02148YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6159794 | PA      | $2684876.39   | 0.08%             | 2047-01-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM1                                                | CUSIP: 00039GAE9<br>LEI: 984500E3BD374F778L95 | Long             | ABS-MBS          | CORP              | US        |   3017000 | PA      | $3037859.84   | 0.09%             | 2069-02-25      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn8                                                  | CUSIP: 35563RAA3<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGA              | US        |  10896756 | PA      | $11036234.06  | 0.32%             | 2029-05-25      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Commercial Mortgage Trust 2024-KING                                      | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4851136 | PA      | $4852591.06   | 0.14%             | 2026-05-15      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2023-DELC                                                          | CUSIP: 05610DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3027600.00   | 0.09%             | 2038-05-15      | Floating      | 8.73%                 | Yes           |                  2 | On Loan: No      |
| Tpg Re Finance Trust Inc                                              | TPG RE Finance Trust, Inc.                                                  | CUSIP: 87266M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    120705 | NS      | $2169068.85   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hltn Commercial Mortgage Trust 2024-dplo                              | HLTN Commercial Mortgage Trust 2024-DPLO                                    | CUSIP: 40424UAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2076000 | PA      | $2078906.40   | 0.06%             | 2026-06-15      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust                                                  | CUSIP: 44422PAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2382707 | PA      | $2361739.28   | 0.07%             | 2034-08-05      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2019-INV1                               | CUSIP: 85572JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2961105 | PA      | $2916924.11   | 0.08%             | 2049-09-27      | Variable      | 2.92%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                                            | Hudsons Bay Simon JV Trust 2015-HBS                                         | CUSIP: 44422PBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2764207 | PA      | $2761719.21   | 0.08%             | 2025-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4499960.85   | 0.13%             | 2055-07-25      | Fixed         | 7.99%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAF3<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5039688.00   | 0.14%             | 2070-01-25      | Variable      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9991782.00   | 0.29%             | 2029-07-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                                          | Upstart Securitization Trust 2021-2                                         | CUSIP: 91680FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    882873 | PA      | $879164.75    | 0.03%             | 2031-06-20      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2025-RRTL1                                            | CUSIP: 89053JAD9<br>LEI: 25490023B58UP9CM5N96 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3933384.40   | 0.11%             | 2027-03-25      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR5                                | CUSIP: 07400NAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1819840 | PA      | $1590925.90   | 0.05%             | 2037-06-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 0.7335% 08/05/26                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $1776373.52   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-1                                                | CUSIP: 89053DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6041090.40   | 0.17%             | 2031-02-25      | Fixed         | 12.54%                | Yes           |                  2 | On Loan: No      |
| Rmf Proprietary Issuance Trust                                        | RMF Proprietary Issuance Trust 2022-1                                       | CUSIP: 74969XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4259500.00   | 0.12%             | 2028-01-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5957333.40   | 0.17%             | 2040-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Home Loans                                                | CHL Mortgage Pass-Through Trust 2007-4                                      | CUSIP: 12544RCC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2215697 | PA      | $756722.92    | 0.02%             | 2037-05-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2025-4                                                 | CUSIP: 69547DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4514400.00   | 0.13%             | 2033-01-17      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Chnge Mortgage Trust                                                  | CHNGE Mortgage Trust 2023-3                                                 | CUSIP: 17030AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3298498 | PA      | $3321683.28   | 0.10%             | 2027-06-25      | Variable      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| Shenton Aircraft Investment Ltd                                       | Shenton Aircraft Investment I, Ltd.                                         | CUSIP: 82321UAA1<br>LEI: 254900877LAQRYY3YZ51 | Long             | ABS-O            | CORP              | KY        |   4187715 | PA      | $4075064.99   | 0.12%             | 2027-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2025-RTL1                            | CUSIP: 92262GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17806000 | PA      | $17955593.55  | 0.52%             | 2030-03-25      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.775% 04/24/33                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $-1014889.23  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R3                                          | CUSIP: 92538EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2780351.40   | 0.08%             | 2064-04-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2025-5 Mortgage Loan Trust                                             | CUSIP: 19689AAB1<br>LEI: 213800S6EGXVNRKXHN58 | Long             | ABS-MBS          | CORP              | US        |   1576150 | PA      | $1575244.83   | 0.05%             | 2070-05-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2023-6                                                 | CUSIP: 69547UAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  19994872 | PA      | $20148832.31  | 0.58%             | 2031-06-16      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2072000 | PA      | $2064249.27   | 0.06%             | 2028-07-25      | Variable      | 9.07%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL6                           | CUSIP: 79585UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12250000 | PA      | $12365044.65  | 0.36%             | 2026-12-25      | Variable      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Great Wolf Trust                                                      | Great Wolf Trust 2024-WOLF                                                  | CUSIP: 39152MAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7600000 | PA      | $7625840.00   | 0.22%             | 2029-03-15      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-2                                                 | CUSIP: 694961AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8617043 | PA      | $8704936.55   | 0.25%             | 2031-08-15      | Fixed         | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Roc Securities Trust                                                  | Roc Mortgage Trust 2021-RTL1                                                | CUSIP: 77118TAC7<br>LEI: 549300IBVH6A13CK6E15 | Long             | ABS-MBS          | CORP              | US        |   6745000 | PA      | $6721878.81   | 0.19%             | 2026-08-25      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2021-SB82 Mortgage Trust                                              | CUSIP: 30318CAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  39663642 | PA      | $910990.57    | 0.03%             | 2040-10-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan                                                           | Recv Irs 3.5995 10/11/34                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $-318464.27   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Banc Of America Funding Corporation                                   | Banc of America Funding 2006 8T2 Trust                                      | CUSIP: 05951UAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1437335 | PA      | $1261483.08   | 0.04%             | 2036-10-25      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                               | NYMT Loan Trust Series 2024-BPL3                                            | CUSIP: 67119RAC1<br>LEI: 254900Q6RDCV3HGA6340 | Long             | ABS-MBS          | CORP              | US        |   8700000 | PA      | $8588204.13   | 0.25%             | 2039-09-25      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB79 Mortgage Trust                                              | CUSIP: 30316VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14156422 | PA      | $539666.88    | 0.02%             | 2040-07-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9522775 | PA      | $9349460.98   | 0.27%             | 2026-06-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | ADMT 2024-NQM6                                                              | CUSIP: 00249YAE6<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-MBS          | CORP              | US        |   3485501 | PA      | $3490171.39   | 0.10%             | 2070-01-25      | Variable      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2025-2                                 | CUSIP: 14855XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7194000 | PA      | $7170259.80   | 0.21%             | 2032-08-15      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance                                              | Horizon Aircraft Finance I, Ltd.                                            | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2456484 | PA      | $2386965.15   | 0.07%             | 2025-12-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL2                                              | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18306000 | PA      | $18450633.88  | 0.53%             | 2026-10-25      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-5 LLC                                                             | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $14959695.00  | 0.43%             | 2028-07-25      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AH9<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |   2572667 | PA      | $2553995.61   | 0.07%             | 2069-08-25      | Variable      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     44220 | NS      | $241441.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bxsc Commercial Mortgage Trust                                        | BXSC Commercial Mortgage Trust 2022-WSS                                     | CUSIP: 05610BAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11550000 | PA      | $11583495.00  | 0.33%             | 2027-03-15      | Floating      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                      | Vista Point Securitization Trust Series 2024-CES2                           | CUSIP: 92841YAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1506000 | PA      | $1499080.23   | 0.04%             | 2028-09-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities                                   | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   1660901 | PA      | $1685980.27   | 0.05%             | 2049-10-25      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust 2025-RTL1                                             | CUSIP: 03290CAA4<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3993061.20   | 0.11%             | 2040-05-25      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Fs Commerical Mortgage Trust 2023-4szn                                | FS Commercial Mortgage Trust 2023-4SZN                                      | CUSIP: 30334RAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15740000 | PA      | $16366452.00  | 0.47%             | 2027-11-10      | Variable      | 10.42%                | Yes           |                  2 | On Loan: No      |
| Dc Commercial Mortgage Trust                                          | DC Trust 2024-HLTN                                                          | CUSIP: 24022FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2439000 | PA      | $2441926.80   | 0.07%             | 2028-04-13      | Variable      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities                             | Multifamily Connecticut Avenue Securities Trust 2023-01                     | CUSIP: 62548NAB4<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5624000.00   | 0.16%             | 2032-02-25      | Floating      | 10.85%                | Yes           |                  2 | On Loan: No      |
| American Home Mortgage Investment Trust                               | American Home Mortgage Investment Trust 2007-1                              | CUSIP: 026932AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14234944 | PA      | $8457938.51   | 0.24%             | 2047-05-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2018-TALL Mortgage Trust                                              | CUSIP: 05548WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4760000 | PA      | $3898440.00   | 0.11%             | 2037-03-15      | Floating      | 6.98%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                          | CSMC 2020-FACT                                                              | CUSIP: 126395AJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4913500.00   | 0.14%             | 2025-10-15      | Floating      | 7.56%                 | Yes           |                  2 | On Loan: No      |
| Cim Trust                                                             | CIM Trust 2025-NR1                                                          | CUSIP: 17181YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20475197 | PA      | $19837185.79  | 0.57%             | 2064-06-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Affirm Inc                                                            | Affirm Asset Securitization Trust 2024-X1                                   | CUSIP: 00834XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1505850.00   | 0.04%             | 2029-05-15      | Fixed         | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities Llc                           | BBCMS 2020-BID Mortgage Trust                                               | CUSIP: 05493BAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9800000 | PA      | $9802940.00   | 0.28%             | 2025-10-15      | Floating      | 9.09%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust 2019-1                               | CUSIP: 92257CAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1033164 | PA      | $830953.63    | 0.02%             | 2029-10-29      | Variable      | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Libertas Asset Securitization Llc                                     | Libertas Asset Securitization LLC                                           | CUSIP: 529922AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2503000.00   | 0.07%             | 2028-07-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                                    | Prosper Marketplace Issuance Trust Series 2024-1                            | CUSIP: 74363CAC3<br>LEI: 549300WV6NCA12RVBP15 | Long             | ABS-O            | CORP              | US        |   9525000 | PA      | $9567862.50   | 0.27%             | 2026-10-15      | Fixed         | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Stellar Jay Ireland Dac                                               | Stellar Jay Ireland DAC                                                     | CUSIP: 858558AB5<br>LEI: 254900N0ZJ7Y0Q6V4A92 | Long             | ABS-O            | CORP              | US        |   1886474 | PA      | $1639345.77   | 0.05%             | 2028-03-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust Series 2025-NQM2                                   | CUSIP: 46590SAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10768885 | PA      | $10785782.58  | 0.31%             | 2065-09-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-2CB                                             | CUSIP: 12668BLD3<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-MBS          | CORP              | US        |   3649428 | PA      | $1233992.32   | 0.04%             | 2036-03-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Sg Capital Partners                                                   | SG Residential Mortgage Trust 2019-3                                        | CUSIP: 78432BAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137627 | PA      | $137025.20    | 0.00%             | 2059-09-25      | Variable      | 3.08%                 | Yes           |                  2 | On Loan: No      |
| Dcal Aviation Finance Limited                                         | AIM Aviation Finance, Ltd.                                                  | CUSIP: 001406AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  19834099 | PA      | $19054618.62  | 0.55%             | 2040-02-15      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs                                                         | Recv Irs 3.7395% 01/22/34                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $-16749.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2006-QS8 Trust                                                  | CUSIP: 75115AAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    841745 | PA      | $653497.86    | 0.02%             | 2036-08-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                           | Extended Stay America Trust 2021-ESH                                        | CUSIP: 30227FAL4<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-MBS          | CORP              | US        |  18183828 | PA      | $18271110.45  | 0.52%             | 2026-07-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4910938 | PA      | $4899349.41   | 0.14%             | 2055-07-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust 2020-R1                                            | CUSIP: 034651AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1464117 | PA      | $1382156.47   | 0.04%             | 2053-04-25      | Variable      | 0.99%                 | Yes           |                  2 | On Loan: No      |
| Gs Mortgage-backed Securities Trust                                   | GS Mortgage-Backed Securities Trust 2025-NQM2                               | CUSIP: 36272EAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10759928 | PA      | $10757516.09  | 0.31%             | 2065-06-25      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Tgif Funding, Llc                                                     | TGIF Funding LLC 2017-1A                                                    | CUSIP: 87244BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4817489 | PA      | $4110281.74   | 0.12%             | 2039-01-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                              | Castlelake Aircraft Structured Trust 2017-1R                                | CUSIP: 14856JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1095748 | PA      | $1060574.60   | 0.03%             | 2027-04-15      | Fixed         | 2.74%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                          | U.S. Treasury Bond                                                          | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 250000000 | PA      | $241894525.00 | 6.95%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Toorak Mortgage Corp.                                                 | Toorak Mortgage Trust 2024-RRTL2                                            | CUSIP: 89055JAF2<br>LEI: 254900AXFPBUQ16CX921 | Long             | ABS-MBS          | CORP              | US        |   2800000 | PA      | $2783385.08   | 0.08%             | 2039-09-25      | Variable      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Sprite Limited                                                        | Sprite 2021-1, Ltd.                                                         | CUSIP: 85208UAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1281366 | PA      | $1208713.01   | 0.03%             | 2028-10-15      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                                             | BCP Trust 2021-330N                                                         | CUSIP: 05553BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4089000 | PA      | $3390189.90   | 0.10%             | 2038-06-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust 2021-R1                                          | CUSIP: 92538BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1012136 | PA      | $973387.96    | 0.03%             | 2063-10-25      | Variable      | 0.82%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB81 Mortgage Trust                                              | CUSIP: 30317QAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17758420 | PA      | $675496.54    | 0.02%             | 2030-10-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2023-DELC                                                          | CUSIP: 05610DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8345000 | PA      | $8405918.50   | 0.24%             | 2038-05-15      | Floating      | 7.68%                 | Yes           |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                   | Homeward Opportunities Fund Trust 2025-RRTL1                                | CUSIP: 437919AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3943966.80   | 0.11%             | 2027-02-25      | Variable      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Mtn Commercial Mortgage Trust 2022-lpfl                               | MTN Commercial Mortgage Trust 2022-LPFL                                     | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4984500.00   | 0.14%             | 2027-03-15      | Floating      | 9.64%                 | Yes           |                  2 | On Loan: No      |
| Slg Office Trust                                                      | SLG Office Trust 2021-OVA                                                   | CUSIP: 78449RAN5<br>LEI: 549300Z8X84XIDB6JE13 | Long             | ABS-MBS          | CORP              | US        |   9500000 | PA      | $7603800.00   | 0.22%             | 2031-07-15      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| First American Government Obligations Fund                            | First American Government Obligations Fund                                  | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        | 205766942 | NS      | $205766941.77 | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL8 LLC                                                          | CUSIP: 69392EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $19999992.00  | 0.57%             | 2055-07-25      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Mortgage Trust                                              | JP Morgan Mortgage Trust 2025-VIS1                                          | CUSIP: 46659BAG7<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |   4955000 | PA      | $4938275.39   | 0.14%             | 2029-02-25      | Variable      | 7.06%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch                                                         | Receive 3.5995% / Pay SOFR 10/11/2034                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $57877.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Corevest American Finance Ltd                                         | CAFL 2025-RRTL1 Issuer LP                                                   | CUSIP: 124760AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6003133.80   | 0.17%             | 2027-11-30      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Vontive Mortgage Trust 2025-rtl1                                      | Vontive Mortgage Trust 2025-RTL1                                            | CUSIP: 928884AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2031466.80   | 0.06%             | 2027-03-25      | Variable      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1209648 | PA      | $1161020.61   | 0.03%             | 2027-12-15      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-1                                                 | CUSIP: 69548AAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4398755 | PA      | $4411071.13   | 0.13%             | 2031-07-15      | Variable      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-6 LLC                                                             | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4399888.68   | 0.13%             | 2030-08-25      | Variable      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-RTL4                           | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  28750000 | PA      | $28860083.75  | 0.83%             | 2030-02-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2025-NQM2                                                | CUSIP: 00250EAD8<br>LEI: 9845004ECDEDFFFFC959 | Long             | ABS-MBS          | CORP              | US        |   1951625 | PA      | $1954907.22   | 0.06%             | 2029-05-25      | Variable      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse                                                         | Recv Irs 2.4640% 04/07/27                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $87574.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-NPL1 Trust                                                         | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5452114 | PA      | $5440819.53   | 0.16%             | 2027-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | Lhome Mortgage Trust 2025-Rtl2                                              | CUSIP: 50206RAB3<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4394357.00   | 0.13%             | 2040-04-25      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Pga National Resort Commercial Mortgage Trust                         | PGA Trust 2024-RSR2                                                         | CUSIP: 69381CAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1999800.00   | 0.06%             | 2026-06-15      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| Bx Trust                                                              | BX Trust 2021-RISE                                                          | CUSIP: 12434EAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17430475 | PA      | $17433960.78  | 0.50%             | 2036-11-15      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust 2021-2                                  | CUSIP: 85573HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    713457 | PA      | $677282.29    | 0.02%             | 2065-05-25      | Variable      | 1.43%                 | Yes           |                  2 | On Loan: No      |
| Deephaven Residential Mortgage Trust                                  | Deephaven Residential Mortgage Trust 2020-2                                 | CUSIP: 24380NAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505479 | PA      | $502295.25    | 0.01%             | 2065-05-25      | Fixed         | 2.86%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2024-NPL5 LLC                                                          | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-MBS          | CORP              | US        |  22137170 | PA      | $22197290.50  | 0.64%             | 2027-09-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Fs Trust                                                              | FS Trust 2024-HULA                                                          | CUSIP: 30338DAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4400000 | PA      | $4406160.00   | 0.13%             | 2026-08-15      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2023-RTL2 Trust                                                         | CUSIP: 55286UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27486000 | PA      | $27679006.69  | 0.79%             | 2026-04-25      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                                      | Pioneer Aircraft Finance, Ltd.                                              | CUSIP: 72353PAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1656250 | PA      | $1581884.42   | 0.05%             | 2026-06-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Hilton Usa Trust                                                      | Hilton USA Trust 2016-HHV                                                   | CUSIP: 43300LAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6341400.00   | 0.18%             | 2026-11-05      | Variable      | 4.19%                 | Yes           |                  2 | On Loan: No      |
| Us Treasury N/b                                                       | U.S. Treasury Bond                                                          | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  34000000 | PA      | $33699844.60  | 0.97%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn9                                                  | CUSIP: 355917AB1<br>LEI: 529900KWKEUIIIV9P337 | Long             | ABS-MBS          | USGA              | US        |   2500000 | PA      | $2513250.00   | 0.07%             | 2044-10-25      | Floating      | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                                                  | FREMF 2018-K156 Mortgage Trust                                              | CUSIP: 302957AS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6449682 | PA      | $3375763.56   | 0.10%             | 2033-07-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                                                 | Theorem Funding Trust 2022-3                                                | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72264 | PA      | $72371.92     | 0.00%             | 2029-04-15      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                | Residential Asset Securitization Trust 2007-A1                              | CUSIP: 761136AJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4622179 | PA      | $1523886.08   | 0.04%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Unlock Hea Trust                                                      | Unlock HEA Trust 2025-1                                                     | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9000000 | PA      | $8935524.90   | 0.26%             | 2033-04-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL1                                              | CUSIP: 50205DAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6047123.40   | 0.17%             | 2029-01-25      | Fixed         | 9.16%                 | Yes           |                  2 | On Loan: No      |
| Intown Mortgage Trust                                                 | INTOWN 2025-STAY Mortgage Trust                                             | CUSIP: 46117WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6400000 | PA      | $6369280.00   | 0.18%             | 2027-03-15      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Grantor Trust 2024-8                                         | CUSIP: 69544QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2687478 | PA      | $2685865.10   | 0.08%             | 2032-01-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Freedom Financial                                                     | FREED ABS Trust 2022-4FP                                                    | CUSIP: 35634JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4168151 | PA      | $4185240.79   | 0.12%             | 2029-12-18      | Fixed         | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2024-1                                                 | CUSIP: 69548AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3585838 | PA      | $3606277.71   | 0.10%             | 2031-07-15      | Fixed         | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Lease-backed Certificates                         | Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB-1            | CUSIP: 201736AN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31665 | PA      | $31415.29     | 0.00%             | 2031-06-20      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Fidelis Mortgage Trust                                                | Fidelis Mortgage Trust 2025-RTL2                                            | CUSIP: 31575JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25000000 | PA      | $24973805.00  | 0.72%             | 2040-07-25      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc                             | Structured Asset Mortgage Investments II Trust 2007-AR2                     | CUSIP: 86363DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4502768 | PA      | $5334864.55   | 0.15%             | 2037-02-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE4                                                        | CUSIP: 31684PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3437657 | PA      | $3416138.06   | 0.10%             | 2055-07-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1196321 | PA      | $1205293.65   | 0.03%             | 2027-10-25      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Nomura Resecuritization Trust                                         | Nomura Resecuritization Trust 2014-8R                                       | CUSIP: 65540QAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2161299 | PA      | $2083826.21   | 0.06%             | 2036-10-26      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2024-INV1                           | CUSIP: 795924AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2006901.60   | 0.06%             | 2028-07-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, Llc                                          | Business Jet Securities 2024-2 LLC                                          | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6741571 | PA      | $6664717.45   | 0.19%             | 2030-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance                                              | Horizon Aircraft Finance III, Ltd.                                          | CUSIP: 44040JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3576050 | PA      | $3407975.70   | 0.10%             | 2026-11-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Acres Commercial Realty                                               | ACRES Commercial Realty Corp.                                               | CUSIP: 00489Q300<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |     87702 | NS      | $1940845.26   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Consumer Auto Receivables Trust                             | Santander Consumer Auto Receivables Trust                                   | CUSIP: 80282YAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1370000 | PA      | $1372466.00   | 0.04%             | 2028-08-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| Mfra Trust                                                            | MFA 2024-RTL3 Trust                                                         | CUSIP: 59319PAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4600000 | PA      | $4616249.96   | 0.13%             | 2028-05-25      | Variable      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                              | Arbor Realty Trust                                                          | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |    109980 | NS      | $2364570.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagship Credit Auto Trust                                            | Flagship Credit Auto Trust 2022-3                                           | CUSIP: 33845PAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $605600.00    | 0.02%             | 2029-10-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Prp Advisors, Llc                                                     | PRPM 2025-3                                                                 | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24406433 | PA      | $24349309.90  | 0.70%             | 2028-05-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Stellar Jay Ireland Dac                                               | Stellar Jay Ireland DAC                                                     | CUSIP: 858558AA7<br>LEI: 254900N0ZJ7Y0Q6V4A92 | Long             | ABS-O            | CORP              | US        |   1895560 | PA      | $1837745.04   | 0.05%             | 2028-03-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Saif Securitization Trust                                             | SAIF Securitization Trust 2024-CES1                                         | CUSIP: 78436VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    745000 | PA      | $742382.59    | 0.02%             | 2028-08-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica                     | FRESB 2020-SB80 Mortgage Trust                                              | CUSIP: 30316XAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  50606302 | PA      | $2280294.65   | 0.07%             | 2030-09-25      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                    | Freddie Mac Mscr Trust Mn7                                                  | CUSIP: 35563QAB3<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2504470.00   | 0.07%             | 2033-04-25      | Floating      | 10.05%                | Yes           |                  2 | On Loan: No      |
| Wb Commercial Mortgage Trust                                          | WB Commercial Mortgage Trust 2024-HQ                                        | CUSIP: 92943PAE1<br>LEI: 549300GK97AYN6BKKT80 | Long             | ABS-MBS          | CORP              | US        |   8500000 | PA      | $8483000.00   | 0.24%             | 2028-03-15      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                                            | FAT Brands GFG Royalty I LLC                                                | CUSIP: 31189WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2324880.00   | 0.07%             | 2026-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending 2019-CF2                              | CUSIP: 12528YBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4988052 | PA      | $4407442.75   | 0.13%             | 2029-09-15      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2025-RTL1                                              | CUSIP: 50205UAB7<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4982563.50   | 0.14%             | 2040-01-25      | Variable      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Chase & Co.                                               | Recv Irs 2.5405% 07/07/27                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         1 | NC      | $111168.59    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stonepeak                                                             | Stonepeak 2021-1 ABS                                                        | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8798808 | PA      | $8205768.64   | 0.24%             | 2028-05-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Corevest American Finance Ltd                                         | CAFL 2025-RRTL1 Issuer LP                                                   | CUSIP: 124760AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20950000 | PA      | $20977004.55  | 0.60%             | 2027-11-30      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Twin Hospitality Llc                                                  | Twin Hospitality I LLC                                                      | CUSIP: 90164DAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  26135625 | PA      | $25607685.40  | 0.74%             | 2027-10-25      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-18CB                                            | CUSIP: 02147FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8898701 | PA      | $3486350.81   | 0.10%             | 2036-07-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2023-RTL3                                              | CUSIP: 50205TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22500000 | PA      | $22594873.50  | 0.65%             | 2028-08-25      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2023-NQM4                                                | CUSIP: 00002MAC3<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |   1783160 | PA      | $1812716.24   | 0.05%             | 2027-10-25      | Variable      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2025-NPL6 LLC                                                          | CUSIP: 740936AA7<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-MBS          | CORP              | US        |  19700421 | PA      | $19673681.22  | 0.56%             | 2028-06-25      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Rbssp Resecuritization Trust                                          | RBSSP Resecuritization Trust 2009-7                                         | CUSIP: 75524MAW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2989273 | PA      | $2171346.20   | 0.06%             | 2037-06-26      | Floating      | 4.83%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | LHOME Mortgage Trust 2024-RTL3                                              | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10636000 | PA      | $10732781.22  | 0.31%             | 2026-12-25      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust                                                           | FIGRE Trust 2025-HE3                                                        | CUSIP: 31684LAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2868421 | PA      | $2861463.70   | 0.08%             | 2055-05-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Banc Of America Merrill Lynch Large Loan Inc                          | BAMLL Commercial Mortgage Securities Trust 2022-DKLX                        | CUSIP: 05530SAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6815399 | PA      | $6762238.93   | 0.19%             | 2047-04-30      | Floating      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| A&d Mortgage Trust                                                    | A&D Mortgage Trust 2024-NQM4                                                | CUSIP: 002939AE6<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |   4831692 | PA      | $4815046.82   | 0.14%             | 2069-08-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| New York Mortgage Trust                                               | NYMT Loan Trust Series 2024-BPL1                                            | CUSIP: 62956MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5013214.00   | 0.14%             | 2026-07-25      | Fixed         | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                                     | Redwood Trust, Inc.                                                         | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002500.00   | 0.03%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                    | Alternative Loan Trust 2006-6CB                                             | CUSIP: 12668BSF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9909856 | PA      | $2851005.12   | 0.08%             | 2036-05-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust | Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust          | CUSIP: 524947AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9140000 | PA      | $9189356.00   | 0.26%             | 2027-11-05      | Fixed         | 8.76%                 | Yes           |                  2 | On Loan: No      |
| Rfm Re-remic Trust 2022-frr1                                          | RFM Reremic Trust 2022-FRR1                                                 | CUSIP: 74971BAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15460000 | PA      | $14594240.00  | 0.42%             | 2049-03-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Start Ltd.                                                            | Start, Ltd.                                                                 | CUSIP: 85572RAC3<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |   8498134 | PA      | $8437797.44   | 0.24%             | 2043-05-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                        | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                    | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2997613.80   | 0.09%             | 2029-07-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Tvc Mortgage Trust                                                    | TVC Mortgage Trust 2025-RRTL1                                               | CUSIP: 900927AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6797000 | PA      | $6840048.12   | 0.20%             | 2040-04-25      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Residential Mortgage Loan Trust                                       | Residential Mortgage Loan Trust 2020-1                                      | CUSIP: 76119CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177631 | PA      | $175513.55    | 0.01%             | 2060-01-26      | Variable      | 2.68%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Mortgage Funding Trust                                   | Bear Stearns Mortgage Funding Trust 2007-AR5                                | CUSIP: 07400NAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    726845 | PA      | $611886.81    | 0.02%             | 2037-06-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Colt Funding Llc                                                      | COLT 2020-3 Mortgage Loan Trust                                             | CUSIP: 12597QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1486025 | PA      | $1456516.12   | 0.04%             | 2065-04-27      | Variable      | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners Llc                                  | PRET 2024-NPL4 LLC                                                          | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-MBS          | CORP              | US        |   6370071 | PA      | $6373382.26   | 0.18%             | 2027-07-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                               | Saluda Grade Alternative Mortgage Trust 2025-NPL1                           | CUSIP: 79582BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7130971 | PA      | $7136899.41   | 0.20%             | 2030-01-25      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2025-4                                                 | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10056000.00  | 0.29%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Jpmorgan Chase Bank, Na - Cacln                                       | JPMorgan Chase Bank NA - Chase Auto Credit Linked Notes                     | CUSIP: 48128U2S7<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |   1111777 | PA      | $1112221.67   | 0.03%             | 2028-12-26      | Fixed         | 8.48%                 | Yes           |                  2 | On Loan: No      |
| Bank                                                                  | BANK 2022-BNK41                                                             | CUSIP: 06540MAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1061550.00   | 0.03%             | 2032-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Selection Trust                                        | Pagaya AI Debt Trust 2025-4                                                 | CUSIP: 69547DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3507000.00   | 0.10%             | 2033-01-17      | Fixed         | 6.57%                 | Yes           |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                      | RALI Series 2007-QS7 Trust                                                  | CUSIP: 74923WAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  28114877 | PA      | $11338055.03  | 0.33%             | 2037-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** AXONIC FUNDS

**Signature:** Lu Chang

**Name of Signer:** Lu Chang

**Title:** Treasurer & Chief Risk Officer